Thank you, Simon, for the information. This motor has high temperature magnets, probably 150°C. I know one guy that builds spindles like this ran his coolant through the spindle motor and then on the parts, and then back to the tank. I don't remember exactly how he was filtering it, but he was happy. A large reservoir is simpler and more reliable than a radiator and fan.
The reason I considered using compressed air through the motor was because of an experience I had with a brushed motor in an RC model years ago. I set it up such the the cooling air flowed through, not around the motor like most designs. The result was very obvious in reduced heating and consistent power through the flight. It doesn't take much air when you can get directly to the parts that need it. Of course in this case I'll probably do the math before trying it.
Greg