Be apprised that if you buy a pump and reservoir set up for flood coolant to stay far , far away from that $200 set up Grizzly sells, its near worthless for surface grinding, pump is weak, does not have adequate filters on it, the magnet that holds nozzle is a weak excuse. It will work but barely. I decided to save money when I bought my new Chevalier SP, the coolant was very expensive option. Live and learn, I spent 200 on the Grizzly and I would say its really made for a bench top mill or lathe, it does not have the oomph to pump up to SG when column is up high. So just incase you were going to go this way, take my experience as a caution. Flood coolant is great , but inadequate pressure makes the mess and hassle not work it. If you do go flood, take off your surround and remount it using lots of RTV sealant, the factory set ups do not come leak proof.
I agree with Holescreek about mist in the air, you can minimize it by making sure your coolant hits the surface of work infront of wheel, not hitting the spinning wheel, that alone will cut down mist dramatically, but to pull that off successfully you need to fiddle with your nozzle line on a regular basis with one hand and if you are really cooking on a manual machine both hands are pretty busy moving table and dropping the column. The Chevalier system I now have has two nozzles, I like to set them up so their spray stream crosses each other infront of wheel contact point, that does not always work pefect if you are advancing crossfeed for every longitudinal pass, but the surface usually stays flooded long enough to work, if not you can fiddle. If you look at Suburban's youtube videos they usually use mist for video demos, but....... they have world class ventilation system, both on the machine and whole room. I will be a happy camper when my grinding skills allow me to grind dry but for now to get the results I want I need to use coolant.
Please if you are new to grinding pay attention to safety , its easy to get hypnotized by the motion, and if you have a RPC or dust collection or coolant going it can get noisy. Pretty easy to think you have turned wheel off while infact you did not and its still spinning. I bumped my wheel thinking it was off, 5 months later I am still growing a nail back on one finger, I got off easy but the pain was off the charts for days I dont have first hand experience with the Grizzly but on my machine and a couple others I have been around you can barely tell they are on they are so quiet and smooth. Real easy to get a digit or two dinged up or worse.
Don't know what you have for phase converter or if you have 3 phase but if running on RPC try turning extra machines on when you want to get really good surface finish, it makes a substantial difference for me and my RPC is well balanced, wild leg is only off by a few volts.
cheers
michael