I've used Trim C350 for flood cooling/lubricating my CNC mill for years. I use it on all types of aluminum and steel. Not for use on cast iron or titanium.
Use some method to insure accurate mixing ratios (like a brix refractometer - about $20). It can leave sticky/gooey deposits on the mill if mixed too heavily. Does not cause not rust if mixed properly, but may require distilled/filtered water. I've lived where I could use tap water without rusting but where I am now I must use filtered water or I get rust. I have a small, cheap aquarium air pump on a timer that bubbles for 10 minutes a couple of times a day to keep the algae & odor at bay. I use the same coolant for months (years actually) without odor that way, just toping up with water and/or C350 as needed (keeping the ratio within limits).
If I werent already set up with an enclosure I would sure give a mister and/or just air a try. I use brushed on Tap Magic for Aluminum and Rapid Tap Cutting fluid for steel on my lathe but will add a mister soon.