I've been using a cutting lube marketed by Lenox (the saw blade
company)
called Pro Tool Lube ... snip
It's nearly clear, water soluable and about the same appearance as
liquid
dish soap, and it has almost no odor until it gets hot enough to
smoke, even
then it's low on the stink scale.

The one unusual characteristic is that it softens or blisters many
common
(enamels) paint coatings that it gets on. It doesn't appear to leave
any
residue after water rinsing that effects primer or paint adhesion.
I don't have any lube delivery systems, so I just brush it on or
dribble it
in place from a dispenser bottle.


I did some more reading and it seems biodiesel is being marketed in
Canada as a substitute for methylene chloride based paint remover. Good
thing my lathe doesn't have any paint on it anyway!