Hi
I think you'd be better off taking as deep a cut as possible and you should generally use a 4 or 5 tooth cutter for steel. There is a way you can calculate exactly but you need to know a few specifics of your machine and the tool. The motor torque curve, ballscrew lead etc and the tool manufacturer will have a datasheet with the chipload etc. The most important thing is chip load, which is how much each tooth cuts per revolution.

You can figure it out by trial and error though, this is a good video series that will explain it all for you.
https://www.youtube.com/watch?v=Bupr_IR-_Pk
https://www.youtube.com/watch?v=d6tyyBxWAAU
https://www.youtube.com/watch?v=hQUN6_bI-io
https://www.youtube.com/watch?v=waUe9sitfAc
https://www.youtube.com/watch?v=CJL9FkdUPjc
https://www.youtube.com/watch?v=59XBpzxDBe8
https://www.youtube.com/watch?v=KNwAHE73SHk
https://www.youtube.com/watch?v=dSHFtMJyV20
https://www.youtube.com/watch?v=VbPDKiWgKCg