I don't know Pat, you know your mill better than I do. I honestly don't know much about using the small machines. I assume their limitations only become pronounced with larger cutters. On the one hand, I can't imagine there being a problem with a .050 X.188 slot - but on the other hand I've never actually tried it on a miniature mill. It should become very evident in use and a simple adjustment to make.
John,
I use two flutes for deep slots and sometimes for cutting plastics and aluminum that tend to weld up. Four flute produces a better finish and will usually cut more material at a higher pace than a two flute. But a four flute doesn't clear chips as well. The use of high pressure flood coolant allows four flute cutters to be used in applications that would otherwise cause problems.
Two flute plunges better.
I use a lot of three flute cutters in production in plastic and aluminum where traditionally a two flute would be used, allowing for 50% greater feed rate and cutter life compared to a two flute without the clogging problems of a four flute.
That said, I generally rough and finish with four flute cutters if I can. I even use five flute cutters quite a bit down to 1/2". They've come a long way with flute geometry and can fit a lot of chip clearance in a five flute cutter.
An application for two flutes:
Last week I was running a production job in ABS plastic on an CNC router (a dry machine with no practical limits to speed or feed, 24,000 RPM and 4,000 IPM max feed, lord). I settled on a 1/4" two flute at 16,000 RPM feeding at 250 IPM. I used a two flute instead of a four flute because heat and rewelding would have been a greater limiting factor than the number of cuts available per rotation. The free cutting action of the two flute allowed for much higher SFM and a larger chip load per tooth, which in turn allowed for a faster feed rate - which is what it is all about...