You can machine wax as fast as you want but I usually try to run it at about double the speeds/feeds that I will be running the finished part at. This gives me a better feel for the job itself and it's not going so fast that you can't watch for areas of the program that might need a little tweaking.
As for trying to count the RPM's on your video, put in slow-motion or advance it one frame at a time. By slowing the video down you should easily be able to count up to 30,000 rpms.
