20k steps/rev is A LOT! My drives are set to 1600 and 2000 would be the max that I would go. At 2000 steps/rev, each step is 0.0001" linear movement of the table. At 20k steps/rev your table is moving 0.00001" per step.... or one, one-hundred-thousands of an inch... Which is an insane number, especially considering the run out on the spindle bearings is only rated at like 0.0015" or 150 x larger than your step distance.
Also, just to run 100IPM your going to need 166khz/axis. I can't imagine that the nMotion/M3 handles that well. I would try bumping it down to 2k steps/rev and give it a shot, that essentially reduces the load on the nMotion/M3 by 10. Also, stepper motors get hot, I have never measured mine so I don't know how hot they get, but they feel toasty. Due to the nature of a stepper, heating will always be an issue.
Is there a reason you are not using Fusion 360 for CAM?
PZ
Yeah it does seem like a lot, but having the drivers set to 1600 (what they were by default, also what you have in your picture above) and 8000 in Mach3 resulted in really noisy movement. Everything is so much quieter and smoother now.
I just am not quite used to Fusion 360 yet, but I'll try outputting the same file from both it and Aspire and see what's going on.