@WillAdams has a tutorial which includes the tool setup for acrylic here:
https://community.carbide3d.com/t/its-clobbering-time/32893/4
The settings he used (and I used the same in my testing) are 381mm/min (15ipm) plunge, 1143mm/min (45ipm) feedrate, and 0.5mm (0.02 in) DOC. The tool is defined with 0 RPM, but Carbide Create spits up an error when you actually try using the tool at 0 RPM, you have to change it to 1 to assign the tool to a toolpath. I used those settings on acrylic and whatever metal a Ball mason jar lid is made out of and got reasonable results.
The 90 degree MC Etcher storage tube is labeled with:
Bit number: #503E
Type: Drag bit
LOC: .0625"
Diameter: .250"
Angle: 90
OAL: 2.43"