Max out your spnidle thats for sure, even @ 5000rpm
Thats only about 40sfm.
With a .0005 ipt your looking at 10ipm.
I'd go for .003-.005 step over or d.o.c.
Also in the future i'd steer clear of the 4 flute tools.
Look at robbjacks 2 flute (TiAln) coated tool they're
geared for just such applications.
PEACE