I try to stay out of discussion where carbide inserts are used but can't resist this one. There are all kinds of "cold rolled steels" so I'm not sure what the cutting speed is but I suspect it will be near 800SFM for that piece. If so, recommended RPM would be somewhere near 1500 rpm and I would try it.
As Mark said above, you need to pay attention to the nose radius as this influences the minimum depth of cut and your feed rate. I suggest trying a depth of cut about 0.010" deeper than the nose radius; this will stabilize the tool, minimize radial deflection and give you a consistent reduction in diameter. I would also boost feed rate to give the chip breaker a chance to work. Most of those spiral lines you're seeing is due to too low a feed rate and I suggest you try a feed rate of between 0.5 - 0.75 the nose radius and see what happens.
The last thing I would suggest is that you turn the tool about 5 degrees towards the chuck and see how that impacts the cut. This should reduce cutting forces a bit and hopefully aid in better finishes by bringing more of the end cutting edge into contact with the work.