What kind of wood are you cutting? Fruit woods, like cherry and apple, burn very easily. A very sharp carbide bit run slow is my best suggestion for this. Speed = friction = heat and burning.
Can you stop cutting (separate the bit from the wood) when you need to change your grip and then begin again after you have changed your grip?
Are you putting your fingers that close to the bit to hold these small circular pieces (very unsafe) or are you using some sort of holding tool/device? "Small rounds" leads me to believe that your fingers are way too close to the bit.
Have you tried using a slightly larger bearing on the bit to make a rough first cut and then changed back to the correct bearing for a final lighter cut? This would reduce chipping in the final cut and hopefully reduce burning and remove any burns caused by the rough cut as well. For this last light cut, climb cutting of the end grain could help too, but be very careful.
Small rounds can be made much safer and with less burning on a lathe, if you have one, but you will have more difficulty achieving that ogee shape repeatably.
Not sure how small your "rounds" are, but if a center hole can be drilled, or if a screw can be put in the center, you can fasten a piece of scrap to use as a handle to keep your fingers above and away from the bit. This handle could be a stick with the "round" screwed to it near the end. You would need to cut part way, then loosen the screw and turn the round, and then tighten the screw and cut further. A piece of sticky back coarse sand paper on this handle between the round and handle would keep the "round" from spinning free.
I hope some of this gets you the results that you want, and without sacrificing your fingers in the process. The 6" Rule of keeping your fingers and body parts at least 6" away from the sharp spinney thing definitely applies to this task.
Central North Carolina
Last edited by CharleyL; 04-24-2017 at 08:01 AM.