I know you directed your question at the Chief Tinkerer (wrmiller)... hope you don't mind if I mention something related to your question.
There is nothing special (or new) about evaporative cooling. Evaporation releases and carries away more heat from the part vs. it just being doused in coolant. All of these systems (and there are others besides KM and FB) just deliver a small mist (or spritz or fog or droplett -or whatever their marketing department wants to call it) that easily evaporates when it hits a searing hot junction while a chip is being created. Early on, the KM systems were criticized because they made a fine mist that if run long enough, would raise the humidity in the shop. Duhhh... turn it off when the lathe is not cutting.
I raise the supply bottle to about the same level as the discharge tube, turn the air regulator on that line down to about 40 PSI and adjust the nozzles on the KM system way, way down. It spits out little droplets instead of a fine mist. I can reduce a piece of stainless down to nothing and the part will be +/- 10 degrees of room temperature. Of course, if you don't adjust the cut/carbide to put the heat in the chip, the part will get a little warm but, still cooler than with flood coolant alone.
Regards
Ray C.