Micheal, I'd go for a combination of both. Small jet aimed at the cutter to keep things cool, and a vac to try and control the swarf.
The main thing I suspect you need to aim for is to get the swarf away from the cutting area, so the cutter isn't re-cutting swarf and clogging itself.

And I know how you feel. I thought I had finaly got some time to catch up with a few of my own projects, however the paying job list has just grown :-/
(if anybody can magically weld a crankshaft back together without dismantling anything, there's a tractor sitting outside with said problem...)


Tenson, the brand name stuff is Loc-Line, however there are a good few cheaper versions around. The last stuff I got was from Arc Euro Trade, but most engineering type suppliers have it in some form.