Very interesting thread. I've never thought about chilling the workpiece or the coolant.
One thing to consider is the exaggerated effect of really cold coolant hitting a hot cutting edge. That is the #1 reason for not using coolant on inserted carbide face mills. The repeated heating-cooling and "thermal shock" causes the cutting edge to crack and chip giving very short insert life. This is not really an issue with HSS tools, but it will effect solid and cemented carbide tools a lot more than you'd think. Modern coated carbide mills are best run dry in just about all steels - really in about all materials except for aluminum and Ampco-Moldmax type copper alloys.
Also, the #1 purpose of using air on carbide tools is to clear chips to avoid chip recutting. Cooling is a distant #2 reason. Carbide can take high temperatures, but recutting chips will eat up a cutting edge real quick. The workpiece should not get very hot at all if the chipload is kept high enough and the speed high enough - the chip carries the heat, not the workpiece.
As for chilled coolant on aluminum, the reasons already given about thermal expansion/contraction are definitely true. Room temp coolant will allow for holding tolerances while keeping the material from melting in the cut, sticking to the cutting edge, or wadding up in the flutes. For copper alloys, the tendency of the material to push back as it is cut (due to it being highly malleable) makes it almost impossible to keep the heat out of the workpiece. That, along with the high coefficient of thermal expansion, make it necessary to flood the fock out of the cutter and the workpiece.
If anyone tries it out, I'd be interested to know how it works out.
Apparently I don't know anything, so please verify my suggestions with my wife.