Well to start off you can use the same tooling for 316ss that you use for carbon steel. I've found that if you start off at about half the speed, and feed it usually works out. I tend to try and push the feed as much as I can so you don't work harden this stuff. Avoid peck drilling if possible (work hardening) If you are doing lots of 316ss talk to your tooling guy (or gal) and see what they have for special tools.
For general milling and for ss I like the Hanita varimills.