Paraffin is the "preferred" coolant for aluminium.

Feeds / speeds: not sure quite what kind of work you're trying to do, (pockets, profiles, holes, facing, or indeed the size of job) - machine rigidity and workholding set-up will affect the feed and speed you can apply. I've always managed with standard HSS slot drills / end mills (but good sharp ones, preferably new), though I've no doubt Aluminium-specific tooling would be better (I only do ali on an occasional basis, and generally use my own judgments). The surface finish required (is it specific?) will also affect speeds and feeds you can use.

Some more info would be useful.