Flood coolant of any kind and ease of cleanup are at cross purposes to each other. I've worked in and run prototype R&D shops (no production) where no flood coolant was used except in the grinding/lapping rooms. The machines ranged from jewelers lathes to 20 foot VBM and 40 foot planers. Where tool lubrication was useful it was applied locally.
Flood coolant has its place but its cost, maintaining both the coolant and coolant system, cleaning up after it, complying with EPA regulations, etc. must be weighed against the advantages of coolant: higher speeds, more metal per minute removed, more stable workpiece temperature, etc.
Water based soluble oils are a total PITA on a lightly used non production machine. Sump duty as an apprentice hammered that home pronto. It was a Mike Rowe of "Dirty Jobs" endeavor, it's amazing what can grow in that stuff. It'll sneak into places and make rust too.
It must be remembered these machines were built for industry working production back in the heyday of manual machines and American manufacturing. Monarch put coolant systems on them because they were being used in production, flood coolant made them more productive. They had relatively short projected lifespans on the floor. We're dealing with relics and many of us are just messing around with them, not making money doing it.
Sorry for being so long winded, consider your choices carefully. Having a lathe equipped with a coolant system isn't a good reason to use it.
For a lot of lathe work tooling costs are minimal, how much do you want to spend (time and money) to save peanuts?