Hi peteeng,
Diamond or DLC or PVD tools are hopeless in steel.
You may well be correct that coatings may well offer surface speed advantage is aluminums and/or composites, but they don't offer a huge amount in steel.
Carbon is highly soluble in hot iron, thus a diamond or diamond coating is literally going to dissolve when cutting ferrous metals. At some very particular point where
the chip is being formed and the deformation is large and rapid, the chip will get hot and ergo the carbon of the diamond will dissolve. If you were to hugely flood cool the cutting zone
and proceed slowly enough such that the rate of 'doing work' on the chips is low enough that you don't get the red heat....then you might get away with diamond tooling.
It's a very good way to wreck expensive diamond tools.
Ceramic tooling or CBN tooling is used on ferrous metals when you need something harder than carbide. CBN is eye wateringly expensive. The manufacturers recommend in the range of 100m/min to 200 m/min.
You can be ABSOLUTELY sure if I ever buy a 3mm CBN ball nose endmill for $475USD I will NOT EXCEED the recommended surface speed. In most case the manufacturers don't recommend
flood cooling for CBN either, siting thermal shock. There is another school of thought amongst users of CBN that use cooling and HUGE AMOUNTS OFT IT such that the tool never experiences thermal shock.
I would guess that I am in that camp. Flood cooling is the night and day improvement to my CNCing, and just about every material.
Craig