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After realizing that, first, my lathe has flood coolant capability, and, second, that it is useful, my attention switched to taking proper care of the coolant tank. I bought a 8 inch belt skimmer from here.
In addition, I bought a Elite 799 aerator pump for small fishtanks.
Then, I TIG welded a homemade oil/water separator, or diverter.
I also stick welded a simple mounting bracket to mount the skimmer, the air pump, and diverter. The bracket looks like "~~~~|___". The pictures of everything installed are below.
My future plan includes installing a "dual timer" to operate the aerator and skimmer on separate schedules (skimmer would not work well with aerator in operation). I bought it on eBay, but have not yet received it. Here it is:
