It depends on how ridgid the machine is, but at that spindle speed, I would be you can more than quadrouple the feed rate. with a 1/16" EM and half that spindle speed I typically run 2-3ipm
make sure to plunge slowly, like 25mm/min if Im correct, thats like 1ipm, so Im sureyou can do 4ipm cross feed.
oh, it also depends on if its carbide or hss, these numbers are for carbide. If its a really big machine, it can probably double that even and go around 8 or so inches per minute.
Jon
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