I have had good results with this method, but there are lots of ways to do it. I'm going to assume a HSS cutter here. Grind it like you would a left hand turning bit; give it a pretty generous tip radius (1/8-1/4"). Couple strokes with a diamond hand lap, arkansas stone, or india stone. Remember you don't want to take deep cuts, less than 10 thou. The formula for calculating RPM is
RPM = 4*SFM/TOOL_DIAMETER
SFM is material dependent and cutter dependent. For Aluminum with HSS, figure 500-600 SFM (you can always go slower). If your cutter is a 2.5" diam, that gives you
4*400/2.5=640 RPM
For mild steel, SFM is 125-215, so
4*125/2.5=200 RPM.