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I've become a fan of coolant misters of the kind with an independent coolant flow valve. The mist keeps my cutting tools cool to the touch but I can adjust the flow so that I don't have a sloppy mess in the tray.
I previously added a coolant return tube from the tray of my milling machine when I was using the cheaper type of coolant mister that makes a mess but now it stays dry so it's no longer needed. I think the fine coolant vapor actually cools the tool better than a liquid flood because of the heat removed by the mist evaporation.
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I'll agree mist works well, both it and flood have their place. Drilling for example, of perhaps 3 diameters deep or more, very little mist reaches the cutting edges. Mist isn't often used in turning, yet it reduces centrifugal spray far better than flood. Other than enclosed CNC mills, nobody would flood while flycutting...a second time.
That machining covers untold variety of materials and processes, application of coolant or cutting fluids vary as well.
An aside, I seem to use squeeze bottles and flux brushes often. When you do, far more effective to apply fluid to the upper part of a cutter than directly at tip, where a good portion wind up on surface other than where cutting is. Applied to the upper end provides economical, no-tech feeding, with intermittent resupply. Works especially in drilling. Accomplishes double duty; aids chip evacuation to start, and then flows into cutting area.