Well I think there are two different lubrication systems discussed here. So I hope I can bring a bit more clarification into that matter and tell about my experience – not all good as you will see.
Many years ago I saw a minimal quantity lubrication system at a machine tool exhibition. This was (is) NOT a 'mist system' – just to make that clear. This system came from a manufacturer called Vogel; to my surprise when I looked it up today it goes now under the name of SKF (yes the ball bearing firm). So I bought such a system and had soon to discover the drawbacks.
Maybe best to show the link to that system as sold by SKF:
**LINK**
As you see this is a fully pneumatic system. The oil is metered by a small pneumatic pump, and the air blow can be regulated separately. But, and that was the drawback, it needs a constant pressure of 5-6 bar in the air line, and the air stream empties my 50 l tank in a couple of minutes below that level. I know my compressor is not very large and is unable to keep the pressure high enough. What I want to say is that this system needs air in copious quantity – you could never use it with a Junair. Bambi or fridge compressor.
The other problem is that it does not start immediately (as mentioned above for another system also). In practice I have to start it 15-20 min before I want to use it, and have also to set oil volume and air to the max ant then – when it finally starts to work – regulate it back again. A big nuisance to say the least..
The reason why I wanted such a system was, that I heard good reports about a U.S. product named Micro-Drop (iirc). This uses a pressurized oil reservoir, which imho is much easier to work with. This is (was) available here also, but again 50% more expensive than the Vogel/SKF system.
So if you have a big, powerful compressor then go for it, otherwise I would say no.
Just to finish that narration, somewhere in the distant back in the American 'Home Shop Machinist' there was a construction article about a lubrication system in which the oil was sputtered out by the action of a magnetically moved iron core (solenoid) hitting the back end of an oil filled tube. This just from a not too good memory. so the details are a bit vague…
Regards, HansR.