Hi...
In my case, on both the lathe and mill, I don't push the machines hard enough to generate significant amounts of heat. I didn't like flood coolant because it's messy and obscures my vision of the part. Until recently, I used either cutting oil or WD-40 as a lubricant to improve finish quality. Things have been this way for several years and the results are great but, the smoke gets annoying and it's probably unhealty. A couple weeks ago, I decided to try a Kool Mist unit. So far, I've only used it on the lathe... WOW! It really works. It provides just enough of a lubricant to produce a great finish and the part is kept totally cool/cold (even with regular heavy cuts) because of the evaporation process. I have not tried it on aluminum yet but suspect it will be fine.
The mister provides a safe level of air pressure to clear swarf yet, not cause a concern for personal safety or damage to machines. It hasn't caused any rust, the ingredients are "eco-friendly" and as far as I can tell, contain glycerine and the same anti-bacteriostat used in household humidifiers. I no longer get burning eyes and inflammed sinues from all the oil smoke.
Because of the temperature differences, I'm in the process of updating my offset tables/notes and this will take a while. That's the only downside to switching over.
Anyhow, prior to this, I always used oil on every mill operation. On the lathe, I would sometimes do stock removal dry and use oil on the last couple passes.
BTW: There's a thread here called "Flood or Mister" (or something like that)... check it out for some ideas/thoughts.
Ray