You might also want to consider getting a down-cut bit. Up-cut bits can pull up the grain in wood, leaving a splintered surface around the cut. A down-cut bit pushes the chips down, as it's name implies, rather that pulling them up and can leave a nicer surface. Just make sure to keep it moving and don't set the RPMs too high to prevent heat build-up.
Another bit to consider is a compression bit, which has an up-cut spiral for the bottom 1/4 - 3/8" and a downcut spiral the rest of the way. This can be useful when you're cutting all the way through and you want it to pull the splinters up at the bottom and down at the top. Just be aware that the up-cut portion may splinter the top as it plunges in. These bits are used quite a lot when cutting veneered sheet goods.
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