I've become a fan of coolant misters of the kind with an independent coolant flow valve. The mist keeps my cutting tools cool to the touch but I can adjust the flow so that I don't have a sloppy mess in the tray.
I previously added a coolant return tube from the tray of my milling machine when I was using the cheaper type of coolant mister that makes a mess but now it stays dry so it's no longer needed. I think the fine coolant vapor actually cools the tool better than a liquid flood because of the heat removed by the mist evaporation.
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