I do have the option to increase rpm, the issue i'm seeing is the spindle gets too hot to touch and i'm not sure where the danger zone is, I also noticed some grease escaping from the bearing around the pulley at that rpm, but its not clear if that was happening or it was just hanging out to begin with and the centrifugal force was dragging it out. Since I change rpm with gearing the extra rpm comes at the cost of torque and I only have ~3/4hp to hand out. I "could" run some coolant through sealed tubing around the spindle to try and keep the spindle a little cooler or make some kind of heatsink.
What brand is your mill? Can you post pictures? I recommend you find out why your spindle is getting hot and fix it. It could be just a bearing preload adjustment or worst case the bearings need replacing. My 2 cents.
Tom S.