I make cake toppers for my wife, mainly out of plastic but also thin plywood on occation.
For plastics I tend to choose V-bit and my revised carve details are:
32ipm feed rate (pluge 50% of that)
Depth per pass 2,2mm = full depth (0.2mm below material floor)
Material thickness 2mm
No clean-up pass required.
For plywood, material thickness 2mm, I use 1mm straight bit:
800mm/min feed rate
Depth per pass 0.3-0.5mm depending on the wood as they break easily.