How tight is the width tolerance on that slot? .250 +/- ??
Definitely go with a 2-Flute Endmill.
I would fly through it with two passes, to put less stress on the endmill.
.187 deep X positive move, first pass.. then .375 deep coming back through the slot, X negative move.
Two quick passes, and DONE!
5000 RPM at 40 Inches Per Minute, with full coolant (or mister blast).