I'd be hesitant to add bleach to my coolant for fear that at some point, I'd come back in the morning and find my machine all bright orange with rust. I do bleach the sump or whatever when cleaning up, but bleach could possibly destroy the coolant.
I found what I think is a decent fluid lately: Hocut 795, by Houghton International. I figure I have probably the poorest results even with synthetic coolants, because I often let one or more sumps sit unused for a week or more. This Hocut seems to be keeping very well, and no stinky socks odor to it after I start using an old batch.
Some bacteria can cause dermatitis, which is a skin rash. Inhaling them in mist form is not too appetizing either. I say keep it fresh. If it stinks, throw it out. Use what is classed as biodegradeable coolant so you don't have a guilty conscience.
First you get good, then you get fast. Then grouchiness sets in.
(Note: The opinions expressed in this post are my own and are not necessarily those of CNCzone and its management)