My little play kit is an arduino with a TB6560 to drive a stepper and a couple of relays. Project 1 is the Air/Spray/Mist cooler idea and project 2 is a spindle cooler with a small liquid volume closed circuit with a pump and radiator, controlled by a thermocouple in or on the spindle. This would also display the spindle temperature.

Here's a photo of the bits - Click image for larger version.  Name: DSC01921.JPG  Views: 337  Size: 710.3 KB  ID: 19681