I think the .03 is for metric setups. That should smooth out what you are seeing.
The plan is cut out of walnut so I know that I need to slow it down some
It depends on your RPM, but with a 3 flute bit, you should be able to cut even faster.
I typically cut hardwoods at 300-350ipm with a 1/4" 2 flute bit. With a 3 flute, you can cut 50% faster.
What works best depends on machine rigidity.