Cast iron is the preferred material, Meehanite cast iron used in the ERL-1340 and 1440GT is denser and has more ideal strength and dampening properties. Wouldn't chase your tail with FEA. On feed and speed, there is a lot published, I loosely use some of the manufactures recommendations for speed and feed, in general, you will be probably be at 50% SFM of published table attached (or lower RPM and faster feed), and way under those published if using inserts. Most of the feed rates fall into the 0.001-0.004 IPR. The lowest IPR on the 1340GT is 0.002, so lower RPM and slighter faster feed. Just a rough calculation, a 1" bar at 1000 RPM would have a SFM of 262, the same bar at 250 RPM would have a SFM 65. The DOC, varies on materials, IPR, Hp and cutter, working with different materials, you start to get a feel when you are pushing the DOC for stock removal. Just some thoughts, there are much more scientific formulas on all this stuff.
After awhile, you get a better feel of the cutting speed and feed, this is also affected by the cutter and the finish you need. I tend to push harder to remove material, then do a skim cut for for close to the final finish. There is minimum cut for different cutting tools, so taking like a 0.001" cut may not work very well. The cross slide feed is 1/2 the Z axis (longitudinal), when doing cut off I slow the speed down 300-450 RPM and feed manually, just need that tactile feedback. The nice thing when using a VFD, you can really find that sweet spot for the machine, I am always amazed that small changes in the RPM make a large change in the cutting performance/chatter, especially when boring/drilling.