I have hundreds of these magnetic reed switches from another project and I was thinking of using them as limit switches.
The reed gets placed where the switch normally would go, and the magnet can be simply stuck any where on the tables or head depending on where you want the limit to occur.
I was thinking that especially for the z axis where your end mill length varies, this would be very good. You simply lower your head untill your end mill is at its maximium depth you would want it to travel to, then slide your magent down untill you trip the switch.
I think this also covers such things as moisture and dust getting into the workings of the switch.
The only thing that would need to be looked after is debree sticking to the magnet it self. This will not interfere with the magnets operating distance, but would be the only thing that required cleaning.
Total cost of switch and magnet is only $3