Timing belt reduction is not necessary if your motor has enough torque to move the machine. That goes beyond the scope of a wiring and configuration discussion. Velocity will be limited just as if it were a normal stepper motor.
I would say set the max to 500rpm to start (5000mm/min) and see how it runs. You might be able to go much faster but understand your torque requirements go up the faster you move and your motor's available torque drops. You want to set the speed low enough that your drive will never stall and fault.
Acceleration is another one you will need to determine with testing. With the closed loop drive, it should be able to get some high accelerations, but the motor may lag behind the command if going too fast causing positioning issues. High accelerations are probably more important than high speeds on a CNC, but just start with a reasonable value and test as you go higher.