A top clamp sometimes interferes with chip flow. Torx screw retainers are pretty common now, and work well.
A 1/16" radius is not a large radius. The feedrate will have to be a bit less to get a smooth surface. Remember, each tooth forms a scalloped path on the part, so the smaller the radius, the more pronounced this effect is going to be.
On a small machine, I suppose the round insert I recommended might exceed the rigidity of your spindle.
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