Mike mine is 0-3600 rpm & I usually have it set between 1/4 & 1/2. They usually don't get hot but about 3 weeks ago I was taking a blade out of some ivory scales & some jack ass used a hard piece of steel prior to that which is why the scales have a crack. My suspicions were correct when I was able to pick the old piece up with a magnet. This pin got hot but it didn't dull my bit, probably because I was using lube. Lube is your friend! I believe the scales are pressed ivory rather than carved.
Attachment 293571
It had a Joseph Rodgers & Sons blade in it. I wonder if it had another one in it whicj=h the scales came from the great ivory room they had. I have a nice blade for it but it's already in some nice ivory scales.