Jonathan,
As long as there is no twist in the bed, a lathe doesn't need to be level. A milling machine table is different because if the table is known to be level, you can use a level to set up work.
Pretty much any synthetic coolant should be fine, just use whatever is available in your area. Kool Mist is a common brand available most anywhere. Using coolant does have its issues. You'll need to change it regularly to keep it from stinking and keep an eye open for rust.
Tom
Thanks, I will see what coolant they have around here. They have msc and grainger 10 minutes from my house. Would I be able to pour it into a bottle between uses, without having any problems?