When I rebuilt my Rockwell lathe, I repainted the entire machine and all the parts with Oil-based floor paint. It goes on a bit thicker than any latex/water-based and has withstood all of the coolant and oils I've been able to subject it to. I've dropped tools in the tray repeatedly and it takes all the abuse I can give it without chipping. Also, I must mention that that machine sits in a non-insulated garage that goes through some intense thermals. No chipping/flaking at all.
You can find the oil-based floor paint at any Home Depot/Lowes or even Walmart. It's usually less than $10 USD per quart, and I used about a half of a quart for the entire machine. Make sure to apply it within the first day or two of them mixing the paint so that the oil is evenly distributed. It tends to separate after that. Using it later on down the road, make sure to mix it thoroughly.
Hope this helps.
v/r |