Well, you should be looking for something in the range of 250 fpm on a mild steel like that. As far as tension, without a tension gage, it's a bit subjective, but I generally run my blades pretty tight. I have a small saw with a 1/2" blade, as well as a larger aw with a 1" blade. Each has an appropriate size handwheel for the size of the saw. On both, the tension handwheel tends to limit just how tight the blade can be set anyway. No wrenches allowed, but almost as tight as you can get it reasonably with one hand should be pretty close.
edit to add: If your blade is not tight enough, if your feed is heavy, that would contribute to the blade throwing problem. Tightening the blade, and/or easing up on the feed pressure could help or eliminate the problem.