Years ago I built a gravity-feed coolant system for my Myford out of little more than scrap – two 5-litre oil cans, a few odd bits of brass tube, a length of fine neoprene tube from an aquarium shop, an old gas tap and a length of hosepipe.
Briefly, one can was mounted on a high shelf above the lathe, and this fed coolant via the neoprene tube to the gas tap, which was fixed to the cross slide by an improvised bracket and a T-nut. The tap allowed anything from a drip to full stream.
The length of hosepipe was connected to the drain hole in the chip tray, and fed the used fluid into the second can, which was on the floor.
When the upper can was empty, the fluid in the lower can could be filtered and used again.
Hope this is helpful. It is certainly a cheap solution!
Regards to all.