Wow, 40,000 RPM? That sounds way too fast for wood. I've learned you need to make chips, not dust. Depth per pass generally shouldn't be more than the diameter of the bit. We would, on ¾" MDO, prefer to use a ½" dia. bit and cut in two passes. You can certainly crank up the IPM, but we wouldn't run at more than around 12-14000 RPM.
GVP.