I just put out an article on dry machining on CNC Cookbook for those who are interested:
http://www.cnccookbook.com/CCDryMachining.html
I know a lot of folks here do not have flood coolant. It's surprising just how well you can do without it, but you do have to offset the loss of flood with some techniques to cover your bases.
It's too long to put in a forum, else I'd just have copied it over.
Cheers,
BW