I've just looked at mine, I bought a 25 ltr barrel of 432 (heavy duty chlorinated). I use it as a flood coolant on the Bridgeport, and manually applied via a can on the lathe, and it seems to work very nicely when steel cutting - I can really plough throw steel on the mill. The smoke it makes isn't particularly unpleasant, although in all honesty I've not cut much steel lately. I've had it in the sump of my bridgeport for a good couple of years, and whilst there is a bit of a dodgy smell, that's from whatever was in the sump when I bought the machine... I cleaned most of it out but there was enough stinky stuff still in there to make the fresh oil a bit whiffy.
As I've barely used the top of my "new" 25ltr barrel (bought about 6-8 months ago), I'll happily sell some of it off for £2.50/litre + postage - strictly limited quantites mind, as I do need to keep some for myself...