IMO, running flood coolant, or for that matter, any water based cooling system require a means of coolant exclusion from the ways. The water based coolants, at least those that I have a tendency to create corrosion spots if left unattended for any length of time. The accordion style way protectors drain the coolant away from the ways. Flood coolant, in particular tends to create car wash like situations with spray going everywhere within the enclosure
If only oil based lubricants are used, I'm fine with rubber sheet protectors.