Best to wear a mask when machining cast iron, all those fine particles will damage your health if inhaled.
Never bothered with such things when I worked at Broadbent Machine Tools in the early '80s, where a lot of CI was machined. All the major castings for heavy duty lathes were mainly planed, bored & drilled dry.
The fine dust got everywhere & one of the electrical maintenance jobs to be undertaken during the summer shutdown was to strip & clean all the fluorescent light fittings in the main machine shop. It was a filthy job that took me around a week to complete – working off the walkway on top of the gantry crane, remove the tubes & reflectors, lower to the ground, wash and dry then replace. The dust was like black talc & required the use of detergent to get the parts clean. IIRC there were 6 rows of 8 foot doubles across the building & almost end-to end along the 150-200 yard length . In that regard it was fortuitous that I was only there for one summer shut down before being made redundant !
It was easy to spot colleagues who had just come back from holiday – they were the "pink" ones. After a couple of weeks they went grey from the ingrained dust that got deep into your pores.
Graphite is also abrasive – well man-made graphite is. We use cast iron grade coated inserts to machine it at work, as the CI coatings hold up better to the abrasion than the other options. Another horrid dust that gets everywhere, and when mixed with oil makes a very effective paint that takes days to wash out. My current colleagues do tend to wear nuisance dust masks, but HSE investigations concluded that the graphite dust didn't pose any particular health hazard. Best not to inhale any form of dust, though.
Nigel B.