Larry,
Depending on how thoroughly you flood the work you may be able to just use the chip pan, but I would opt for something a bit deeper to catch all the dribbles and be prepared for coolant to go virtually everywhere if you get the speed too fast. High surface speed tends to sling coolant, so additional depth is usually better. You might consider using a low flow rate that is just pointed at the surface where it is in contact with the bit rather than a shower like the large machines that run inside of a sealed enclosure. Getting in and out of the enclosure to change tooling or to make adjustments will become a PITB in short order plus you still have to operate the hand wheels unless you go full CNC. I have found deep aluminum pans at restaurant supply houses that are sufficiently large enough to do the job, but they command a premium price, if you have a brake you can fold one up and pop rivet the corners and then run a bead of silicone sealant to make them water tight. If you do decide to make a pan I would go out at least 6 inches on all sides to make sure that you catch anything it sprays or splashes off. A lot of fellows are using an outdoor pond pump in a 5 gal bucket with a lid and running a drain from the tray straight to the pail and submerging the pump in coolant. As long as the coolant is water soluble and does not contain mass amounts of chips they do a really good job and are pretty cheap to build. If you need help designing the pan or the pail/pump LMK and I will be glad to help you find the parts and get it set up and running. Congrats on the 602 also. It looks like a pretty nice machine from the pic I saw on Google. Don't forget to ask when ever you need help, some one is almost always available that can help you get straightened out and going. That's what we are all here for!!!
Bob