I'd be concerned about being in the vicinity of any airborne liquid droplets, and I'm a bit surprised that this has been a standard method for machining. The concept just seems like it would be an obvious health hazard when things like plumbing and electronics manufcturing are going to lead-free processes, mainly out of rampant paranoia, IMO.
I haven't used a coolant or a cutting lubricant system on any of my hobby metalworking machines, but a mist system would probably have to be my last consideration. Misting seems like a great idea for a greenhouse though, if people aren't occupying the same space.
Since misting has been discussed here several times recently, I've been wondering if an evacuation system could be utilized to minimize risk to the folks that use mist, kind of like the removal of dust in a woodworking shop is commonly done.
One probably wouldn't want to listen to a shop-vac whine while they're concentrating on work and safety, or get involved in a expensive collection system, but an almost silent squirrel cage blower intake may be sufficient to pull the stray mist into a containment system/vessel. The relatively high velocity air flow of a shop-vac probably wouldn't be required anyway.
The mist will very likely condense or accumulate upon contact with a cool surface, so trying to lift it upward could result in a messy drooling pickup inlet.
Evacuation of mist to the outdoors would also be evacuating heated shop air, so it becomes an issue of throwing away energy costs while heating a shop for personal comfort.
I suppose some sort of indoor containment system could be safely utilized with lower energy cost waste. I almost hate the over-use of the term HEPA, kinda like the abuse of the term mil-spec, but I wouldn't think that a sophisticated refrigeration unit with specialized high dollar filters would be required for capture or containment of mist for a home shop machine (or 2 or 3).
Something more along the lines of passing the airflow thru a couple of layers of screens at a low angle may be capable of capturing most of the mist which could drop into a bucket maybe. At most, I speculate that a small system might include a power supply and some Peltier coolers on a plate to get the mist to drop out of the air stream.
When examining a water/oil separator for a compressed air system, the swirl created by fins causes moisture to contact the sides of the container where it naturally drops to the bottom of the bowl/cannister, then sits there until it's drained by means of opening a petcock.
The water/oil separators work very well and are especially effective for their intended/normal applications. I don't think it would take a supergenius like the doofus that promotes the Dyson? vacuum cleaner to invent a really cool-looking vortex or cyclone separator for a little mist.