Chuck:
A good deal of setting the cutters is trial and error. I cut a bunch of 12" strips from a 2x4 and used them to test the height (rather than chew up needed cedar). I think you hit on the big item in your post. Featherboards are crucial to making it all work consistently and cleanly. The picture below shows my router table set-up for milling. Feed the strips through at a consistent speed and make sure that the infeed and outfeed are supported. I used the remnants of my test strips as push sticks to feed the last bit of the strip through the router.

Good luck,

Marcel