If possible, I'd recommend a carbide face mill to do the light facing cuts if you are simply cleaning up some of the faces. This is because I think you will get better tool life if you are climb milling, or milling with tools that are of large enough diameter that they do not create a shoulder on the part. Notice that when exiting the cut with a face mill, that to some degree, the machine could be climb milling and could de-stabilize the setup.
Conventional milling rubs the hell out of the corners of the tool whenever the tool forms a shoulder and causes premature tip failure. Carbide is very sensitive to edge wear when conventional milling, and even moreso when using inserts with honed edges. These require a significant chipload to get the insert forming a chip with the face of the insert as rapidly as possible, thus minimizing the amount of time that the honed edge is trying to get under the surface.
For a small mill, probably a 3/4" insert endmill would work better for you than the 1.25" one that you have, and could even be more productive in a slotting situation. This is because you can still get a 3 insert endmill in 3/4" diameter, so you can take as many chips, except that you can now run the smaller tool faster and still obey the 400 SFM rule. And the smaller tool requires less torque to turn, so you can get the feedrate up into a healthier range that increases chip thickness. This will increase the amount of material removal before the edge wears out.
Make sure the axis that you are not using are clamped. Clamp the knee, the Y axis, and the quill when milling in X (longitudinal with table). Some of these older machines may have worn variable speed pulleys and belts that may be worn. A worn out variable speed belt gets narrower, and significantly decreases the effective pressure of the spring loaded pulley. This can result in a failure to transmit sufficient torque to the spindle (and subsequent tool chatter). If the variable speed pulleys seem noisy, an overhaul would be in order. The sliding bushings in a variable speed pulley can and do wear over time, resulting in sloppy fitting (noisy) pulleys, and this may destroy the pulley faces as the pulley faces tilt away from the belt in the pressure zone.
Rough mill dry with carbide. Intermittent coolant is worse than none when roughing because of thermal shock which will quickly cause the edge of the carbide to degenerate. BTW, 3 in 1 oil is not coolant, and the smoke generated by all petroleum oils in the cutting zone would be bad for you to breathe as well.
I cannot emphasize enough that conventional milling is to be avoided with carbide tooling. With a bit of drag created by the table gib clamp, you should be able to take light (.01") finishing cuts about 1/2" deep (Z depth) without the tool grabbing the part out of the vise. This latter phenomena is a real and ever present danger with acme leadscrews, but the tool also pulls the work along, so feeding pressure seems almost nil. That doesn't mean you should allow the feed to become too aggressive. Be particularly viligent when entering or leaving a cut as that is when conditions change the most.
Now you didn't read this here , but you could hang a counterweight from the table to help resist the backlash for light finishing cuts. You'd need to rig up a pulley and cable system for the counterweight so that the force is applied effectively in the proper direction, different rigging for each direction of feed would be required.
Some lead screw mills have an anti-backlash nut on the lead screws. This adjustment can reduce the clearance between the nut and the screw to a small amount and make climb milling a bit less nerve racking. However, the wear of the screw is often greater in the center of travel, so it might be impossible to cope with varying backlash with this method.
However, a lot of table backlash can be due to simple wear / poor fitting between the thrust surfaces at each end of the table screw, where the handwheel collars are fitted. This, you can do something about, by machining thrust surfaces smooth and square and installing shim spacers or washers where required to eliminate looseness. Or better yet, install some sort of antifriction bearings (aka ball thrust bearings) at each end of the table screws, to reduce the table/thrust clearance to near zero.
After this, then the total backlash of the table will be confined to the screw/nut wear. If the nut is extremely worn, it should be replaced, and perhaps the screw also, since the screws do get worn out in the center. However, some guys on these forums have injected various compounds (Moglice) into worn nuts to improve the fit. You'd need to study up to do that.
Near zero backlash is desirable from an accuracy viewpoint on cnc machines, but if you are just hogging material, a few thousandths of backlash (like .003 to .005") should still make climb milling feasible on a lead screw machine table, since the chipload is often that much anyways.
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)