Re: CNC Equipment and Tooling recommendations
 

If you want cheap TTS holders - http://www.ebay.com/itm/New-10pcs-C3...em3cdc 14ffd4

Make sure they have the 1.5" shoulder (flange diameter). He also sells ER16 and ER32 (little less useful on a small machine) holders in the same style.

The Tormach's are pretty decent - I don't think I would agree that holding 0.0003" is possible, but tweaking tool diameter offsets and using finishing passes you should be able to do bearing bores without too much hassle.

4th axis will probably be unused for FRC (assuming you even get/write a working post for it).

You should be able to get the full versions of HSMWorks/Inventor HSMWorks from Autodesk (Solidworks or Inventor) - http://camforum.autodesk.com/index.php?topic=3277.0

We ran Koolmist 77 in our machine - for no reason other than that it's about as neutral as possible for skin contact (students), and don't have to worry as much about it growing bacteria/etc for the oil-solubles.

Re: CNC Equipment and Tooling recommendations
 

I'd be careful with the KoolMist in the Tormach. I use it in a horizontal band saw and I'm not super happy with it. I'm starting to get a bit of rust with it.

Re: CNC Equipment and Tooling recommendations
 

Check concentration? Definitely need to clean/dry surfaces if you're using a water-soluble.

Re: CNC Equipment and Tooling recommendations
 

Check out Enco for supplies.
use-enco.com
They will have evrything you are looking for.
They have monthly sales like
3/8 2flute double end HSS endmill for $3.99 #KM320-1090

If you want carbide try onlinecarbide.com
3/8 2flute single end un-coated 11.55
3/8 4flute single end un-coated 9.45