Use a two fluted end mill (that lets the chips get out of the way). Use Climb Milling if you're going round the edge.
http://en.wikipedia.org/wiki/File:Climb_Milling_01.png
You can just use a spray mist for coolant (50% WD40/ 50% water) or you can just get away with air. If you have no access to either of these, coat the stuff in soap.
Watch out cleaning the stuff, acetone tends to melt it and it scratches dead easy so put tape on the front and back to stop it getting marked during machining.
Feeds and speeds I would experiment with. What machine is it?, someone else may know better than me for optimal cutting, but it does depend initialy on what dia of end mill you plan to use- generaly you can cut a depth of half the diameter of the tool you're using, but with acrylic you can go deeper- watch the chips as they're coming off that'll let you know if you're going too fast or slow.
Oh! you can dye acylic virtualy any colour lemme know if you want details how, we do it here all the time.
[Edit]Ah, forgot: Cast Acrylic machines much better that Extruded. [/Edit]
I love deadlines- I like the whooshing sound they make as they fly by.