I used to use formula 409 after seeing my friend Dr. Lucie using it with very good results, no where near as messy as oil, cleans off quick, allows aggressive cutting and avoids rusting. However I got tired of buying the 409 so I started to mix up my own very similar to Stacy's mix. I mix sodium bicarbonate, TSP or dish soap, with water and cut it around 6:1 with denatured alcohol. The alcohol allows it to dry off quicker so there is almost zero chance of rust. I find without the alcohol the black slurry continues to smear around my piece and not allow me to see my progress, with the alcohol the paste moves out of the way about the time my abrasive is dulling anyhow so clean up handles itself; I just rub until the steel is clean. I also sometimes add a little ammonia to make it useful for neutralizing and cleaning FeCl etched blades. I have a spray bottle of it sitting in my shop for any number of cutting or cleaning applications.
P.S. the only thing that is close to being measured is the alcohol, if it is too much the fluid dries off too quickly, the other ingredients are just a dab of this and dash of that. The last time I mentioned this fluid I was flooded with impatient requests for precise amounts that I don't have numbers for.