You are trying to cut 1/2 thick, with a 1/8" bit, at 30in/sec (probably 30"/min!!!) With a spindle running at 2700 rpm
I am not surprised....
Normally the recommended cutting depth per pass is 1/2 the bit diameter maximum!
Normally this is too deep for some machines because of machine ridgidity.
Key to successful cutting.... Stick to recommend chipload, and adjust depth of cut relative to machine rigidity.
Have a look at this PDF
https://www.google.co.uk/url?sa=t&source=web&rct=j&url=https://www.vortextool.com/images/chipLoadChart.pdf&ved=0ahUKEwj3w4CUiaTMAhUrCMAKHdXnAg4QFggaMAA&usg=AFQjCNHnMpHe_xN6tiH2QKnNDzAZmU1-RQ&sig2=fb0NmmsnEPcCCZ6gHHWfiQBasically for a 1/8" cutter the chipload should be about 0.003/0.004"/tooth (start with the 0.003"/tooth as birch is a hardwood)
If all your spindle will do is 2700rpm, then your feedrate is
0.003 x 2 (no of teeth on tool) x 2700 (rpm) = 16.2 in/min feedrate..... At a max depth of cut of 1/2 tool diameter (1/16")
If you want to do 1/2" in one pass.... You will need a 1" cutter and a very rigid machine.
I don't know how well it will work with plywood, but you could always try adding a finishing pass at full depth, the problem you have is that your tool is not very ridgid.... Being 1/8" dia and plywood not being the smoothest material as the grains are opposed..... But for this you look at the cutting face....
Say you have a 1/8" tool, and the recommended cut depth is 1/16", the cutting face area is 1/8" x 1/16" = 1/128" square, intended DOC = 1/2".... Therefore 1/128 / 1/2 (more correctly 2/128) = maximum finishing cut of 1/64".... Which is not much.... Suggestion.... You need a larger diameter more rigid tool...
More flutes will increase your feedrate.... But not the depth of cut (DOC).... Only a bigger tool will do that (with a more ridgid machine that you probably don't have)
If you could use a 1/4" cutter at 2700 rpm, your finishing cut at full depth would be better.... (1/16")
And your feedrate would be 24.3"/min at a doc of 1/8".... But if your machine has ridgidity issues you may need to reduce this given you were using 1/8 cutters. And then proportionally adjust your finishing cut at full depth (1/2").
Also look at better cutters (onsrud for example) as you may get better chipload as you won't be guessing it ( they publish specific tables for tools.... And technical support is very good... Just ask the question and they will walk you through it... I know as I was failing to cut aluminium with one of their cutters (3/8", 1/8 dia cutter)
Rob