I'm a manual machinist, the only CNC I have is my plasma table so I won't be able to offer too much advice.
Yes, get a. Speed and feed chart but be careful as they tend to be biased for industry - maximum metal removal rates on big machines.
Googling speed and feed or milling speeds etc should bring up a wealth of info, it can all be calculated using metal type, cutter type and size plus chip loading per tooth etc, formulas are not too difficult once you get used to it.
SFM = 0.262 x D x RPM
RPM = (3.82 x SFM) / D
IPR = IPM / RPM or CHIP LOAD x F
IPM = RPM. x IPR
CHIP LOAD = IPM / (RPM x F) or IPR / F
For mild steel and 1/2" tool, I would guess around 80 feet per minute surface speed which gives around 600rpm.
You have make the tool cut, don't let it rub, taking tiny cuts is the best way to blunt a tool, it needs to work within a window of speed/feed/depth of cut combinations.
Check out eBay for small cuts of mild steel, something like 230m07 one EN1A in old style is a pretty safe bet to play with.
If you can find a slide-rule type speed and feed tool on eBay, they are great.