All my machine tools, apart from the pillar drill, have flood coolant. I never use neat cutting oil, Instead I use Hysol XF, a general purpose soluble oil. How I use coolant depends on the machine.
Centre lathe: normally cut dry with insert tooling, use coolant for drilling and some HSS tooling, and for parting off
Repetition lathe: exclusively HSS tooling so use flood coolant on steel and dry on brass
Vertical mill: never use coolant, I mostly run carbide endmills, but also run HSS cutters dry. I use WD40 when drilling light alloys
Horizontal mill: insert cutters are used dry, but mostly run HSS side and face and slab mills where I use flood coolant
CNC mill: mostly use flood coolant except for plastics and cast iron. Coolant is mainly for washing away swarf
Pillar drill: rarely used, but always dry
I don't really see the point of dabbing on cutting oil, it just generates smoke and a sticky mess around the cutting tool. A 20 litre container of Hysol XF has lasted me about 8 years, but needs replacing soon.
Andrew