I had been using 10% Koolmist 77 in water for flood cooling on my little drill press, and it was a night-and-day improvement over dry drilling. I was using the same fluid in a small mister on the mill, and had some trouble with galling the inside of the 5/16" holes in O1 alloy steel. With black sulfur oil, there was no galling, so I decided it was time to try a soluble oil, eventually settling on Rustlick WS-5050, which MSC says is a best seller, and is available in one-gallon bottles ($26).
What a difference it makes. Cooling isn't quite sufficient - lubrication is also still needed. On aluminum, the chips and bore come out shiney smooth.
The only disadvantage seen so far is that you cannot see what's going on under the milky blue fluid. Well, it isn't nearly as impressive looking as big iron running in a wreath of oil smoke. The blue stuff looks a bit comical by comparison.
I'll try it on the mill on O1 over the weekend.
Joe Gwinn