Ah well, that makes it a bit easier. 303 is a free machining chromium-nickel austenitic stainless steel supplied annealed, so it will machine more easily. But 1/2" thick is still a bit thick.
Um - a 1/2" guard sounds a bit over the top. Really that thick?
Anyhow, I still suggest drilling most of it, then fast shallow cuts. Don't 'rub' and make heat. Fizzissist gave some good figures.
Cheers
Roger