You want Spiral flute Down cut like these. http://www.wealdentool.com/acatalog/...n_Cut_228.html

Speeds and feeds will depend on your machine and dust extraction capabilty's but any wheere between 18000-24000rpm and 5000 -10000mm/min. This will mostly depend on your machine spindle and strength and to some degree how good your dust extraction is. Down shear cutters require good extraction because they can clog the slot and overheat.

If cutting thru Melamine then you'll want Compression bits which have Up & Down cut.