Hi, I cut lots of small aluminum parts, some with 11 to 12 pockets per piece. I started out using air and got really tired of all the chips all over. Then went to mist and still had to fight the chips. Finlay, i went to flood cooling, WOW what a difference! not only do you get superior cooloing, but chip removal is almost automatic. Yes you have to figure out how to contane it, but with alittle effort you can do it .
Now to the question, stay away from oil, oil of any kind, it gunks up every thing. Use a water based product, like Kool Mist. I use Kool Mist 77, you can get at almost every place that sells tooling, it cost abot $30.00 a gallon, but you can make 33 to 35 gallons of coolent with that.And it works great, it's safe for the enviorment and wont hurt you if you get it on you. But for me the best part besides cooling the tool and chip removal is that it will not rust any of your other metal parts.