Here is a thread with some other approaches to getting coolant where it belongs, your idea of mounting a P cool somewhere on the table or fixture is a novel concept as well. Helicopter John is currently working on a remote switch in his bed room to cancel the door guard, zero the axes, and run the spindle warm up program while he's shaving in the morning.
http://www.cnczone.com/forums/showthread.php?t=61098
Vern