For occasional use on steel, I would recommend something like a Mist Buster or something that sprays droplets of coolant that more or less goes out with the chips.
For aluminum the Trico Microdrop MD1200 system is great, except that it is very expensive. But you'll have virtually no coolant to clean up. The nozzles will clog if sitting for months without use as the oil turns into cheese, but a small drill run up the nozzle will open it up again.
For flood coolant, I'd recommend a stand-alone coolant collection system, so that the whole thing is based on a 5 gallon pail that makes cleanup less aggravating. An oil skimmer and an aquarium bubbler, run on seperate timers, will help with odor control as dead-still used coolant will stink a bit after you stir it up.
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)