I would like to make some word cutouts like the attached images. Most likely using 1/4" mdf. Would the solid carbide 2 flute straight end mill be a good bit to do this? Or is there a better bit I should use?
I use a 1/8 inch 2 flute spiral upcut when cutting MDF like that. The MDF cuts great, the bigest thing to watch for is the bit overheating. If you feedrate is to slow or the spindle RPM is to high you will quickly ruin your bit.
I really like using my 1/8" downcut spiral on MDF.
The downcut pushed down as it cuts so I don’t have to worry about a big MDF sheet being lifted up in the middle, so clamping is pretty simple. However my particular bit can only cut 1/4" thick.
what feed rate / spindle setting do you recommend?
Keep the Dewalt set at 1 and start with a feedrate at around 60 ipm. You can experiment with increasing the feedrate depending on how rigid your machine is. Set you pass depth to about .063 inch with a .125 bit ( so you can cut through .25 material in 4 passes)
I use super cheap 1/8" 2 flute bits for this type of stuff (10 for $10 from places like banggood.com).
I’d rather trash a $1 bit then go slow 
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I just did the subwoofer box with and without tabs. There was enough powdered wood to hold everything place with a 2 flute upcut
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I don’t use any tabs with the tape and super glue method. Can’t remember the last time I added a tab was. on Letters that size I might use one, maybe two strips of tape…but not more than that for sure.
Other than the constant running out of super glue or tape…once you do it you will likely get rid of all your other clamps. I did! On the occasion I think I need a little more…I put screws in the corners…but that is usually when I am working with wood that has a bow in it and not fully engaging the table/glue…even then, only if it is a large work piece. Smaller ones still grab and stay.
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Do you use the preset setting for that bit or change them ? What about the router, on one ?