That baffle system you mentioned to let the fine chips settle out sounds like it'll work a lot better that what was on the bandsaw I ran a while ago.
That had what was essentially a piece of very thin sheet steel with lots of small holes, letting the coolant recirculate from the the open upper coolant tank to the lower enclosed tank. Filing-sized chips filtered through it constantly!
It was also obvious that I was the first one in literally years to clean out the lower tank, demonstrated by the six-inch depth of filings with the bottom two inches being almost one solid chunk of rust. I had to use a flathead screwdriver to break up the bottom layers so I could pull the pieces out.
That saw was about ten years older than I was, and with decent care, should have outlived me. My former employer scrapped it about two years after they canned me, because it "kept breaking down". Damn shame.