A mortising compression bit will work fine because the up cut part is only 0.200 and you can make 3 passes. Rule of thumb is bit diameter X 600 will be your speed. At horse power would be your depth 7.5 hp will be one pass, 0.5hp will be 2 passes, so 2.5hp will be 3 passes. RPM is 16000-18000
hope that helps
CVV