I think you're making a mistake. Coolant gets all over, will make an oily mess, dry out or get nasty bacteria in it if water-based, have to constantly mess with the concentration. Water based will stain the metal surface, rust under the vise and between the interface of column and table-arm.
I would put a plug in there and drip some tap magic (or edge lube of your choice) onto the hole. Avoid the smoke, its not good for you long term.
Main thing is to keep heat down by keeping drilling speeds low and using pilot holes for large bits to keep the center web from rubbing its way thru. Edge tools are expensive and the lesson will be repeated until it is learned.