Track days "recommend" water, but you're allowed to run coolant. Racing you must run water. Waters not a bad idea all around though.
Printable View
The spools are Woodcraft, bought at Street & Comp.
To get away from welding, I had to drill a hole in the swingarm and install a threaded insert (obviously same threads as your spools). They're primarliy used in sheetmetal applications.
You can probably find them at mcmaster-carr or MSC industrial supply.