Cast Iron is the only metal I've heard of that should be machined 'dry'.
The main purpose of cutting lubricants is to keep tools sharp by removing heat, to improve finish and to discourage metal from sticking to the tool and blunting it. Flood cooling also flushes swarf away from the cutting edge which is a very good thing. I don't think slipping on a light cut would be a problem in the way that a scrape would be.
Water based coolants are recommended for steel, and light oils for everything else.
My needs are usually far less demanding than an industrial process. For light cuts I rarely bother with coolant at all. For medium work, parting and threading I splash bottled or aerosol CT90 about, perhaps paraffin on aluminium because it's cheaper. I flood cool heavy milling with neat cutting oil rather than an emulsion. This is because flood cooling is extremely messy and neat oil won't cause rust when it ends up somewhere precious!
One thing I learned the hard way is not to splash coolant on to carbide cutters. Thermal shock cracks them. Carbide is all or nothing: either run dry or flood generously.
I agree with HowardT about old recipes. Some of them grow bacteria and can badly infect cuts,. And they stink when they go off. His point about experimenting to find out what suits you and your equipment is also very well made.
Cheers,
Dave