Depending on the RPM, you should be able to go at least .02" deep at a pass. I have a 10,000 RPM spindle and only do .035-.050" deep passes with a .093" EM. (That's at 9,000 RPM, at 75 IPM)
If you take light enough cuts, (less than .020", you should be able to run the small bits without coolant, especially if you can get Tialin coated ones)
Matt
San Diego, Ca
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(Note: The opinions expressed in this post are my own and are not necessarily those of CNCzone and its management)