Welcome to the forum.
Thanks for your reply! I did try it out yesterday on a sample piece. The Freud bit is incredibly sharp and it cut a very clean groove. It was like going through butter. I'm also glad I opted for the Bosch arbor as the larger thick washers (top & bottom) really add stability and the slot cutter runs very true.I would say to listen to what it sounds like. You'll be able to tell if it is running too fast. You could also get a speed controller at Harbor Freight and give that a try. You're not taking much wood off and the wood is soft so there won't be a lot of stress on the bit.