Regarding rancid coolant problems...i've used this stuff with good success, so far over a year in the tank & no stink ever, no rust ever and it sits without being circulated for weeks at a time sometimes. Fairly non toxic, ecologically low impact and completely non carcinogenic too. I almost positive this is ITW's stuff that used to be called Rustlick.
This little 3 gallon system is also from enco...cheap and works good...and you don't have to foul up the inside of your machine. They have them on sale all the time for $89.00.
I machine a lot of copper on the Bridgeport and on my 12x36 lathe so collecting chips is important for scrapping. FWIW I have a little dedicated wet/dry shop vac for each machine. That way I can suck up chips in a very wet environment...and it's great for end of day cleanup too...sucks all the coolant out of the table resevoirs and slots before I blow everything off and wipe down. I just rake and scoop the big piles out of the lathe first. When the shop vac is full...pop the top and dump chips and coolant into a 6 gallon bucket with holes in the bottom that drains into a oil change pan, then pour the leftover coolant back ibnto the system...works pretty good for me in my low/medium production environment.
I use a shop vac. also for collecting chipsObviously this is not the solution for those who generate large volumes of chips,but for small amounts it has worked just fine for many years.I wanted the newbie to be aware that he can't use just any coolant that comes to hand.if he's starting from a complete learning position,he needs to be careful.The above post on coolants will help him.
If you do find you need to use a recirculating coolant, Doall's Powercut 390 is a good coolant thats never gone rancid on me, I've been using in my lathe and kneemill for 10+ years never had a problem with smell or rust even when not used for sometimes a month or more. Though it does grow some slime that I just skim off occasionaly. Hocut 795 also works well,(I've been running it in my vmc for 3-4 years) no slime, but you have to keep up on the concentration to avoid rust.
Hey Hokie, you might also drop by Mason Mechanical over near you in Salem. They are fine folks and can provide you with tools and (I would imagine) proper lubes, etc. No connection, just a somtimes customer who is always helped.