We’ve discussed machinist notebooks/logs a bit in the past:
Some folks have very elaborate systems in place for tracking usage which includes numbering schemes (for a while I was considering color-coded dots on the labels) — while it’s a nice idea to use a new tool for finishing cuts only, starting in softer materials, then cycling it through harder ones, then relegating it to use as a rougher, that’s probably only helpful in a theoretical way on an inexpensive machine.