I'm making a replacement cutter shaft for the flying club's lawnmower. The material is an old piece of steel given by another club member, ~250mm long and ~32mm dia - it's quite hard (a file corner tends to skitter across it rather than cut) and I think it was originally ground with a couple of flats on it. It's now a bit rusty, but the rust pattern is more like silver steel than mild steel - areas of shiny bit between defined areas of rusty bit, so it's probably a medium carbon steel of some kind. I rotated it slowly it in the chuck, carefully tapping it with a soft hammer until it was running true and then used a carbide centre drill to put centre hole in the end. Using a revolving centre and the chuck I can run it up to the 2400rpm my setup (Myford Super7B with 1hp 3-phase VFD) can achieve without vibrations.
So I've started skimming down the OD to clean the rust off. The job needs to take it down to 27mm with some features down to 24mm. I'm taking light cuts (0.2mm) using a carbide insert tool, using my normal approach (run it flat out and let the carbide insert take the temperature until it complains). It's cutting very cleanly with lovely surface finish and the swarf is coming off as a continuous piece like fine wire wool. The swarf is getting very hot - often red hot and occasionally catching fire briefly. Does this mean:
1. I am being a hooligan turning this at 2400rpm and I must back off the speed before it wrecks the tool or the machine
2. I am being a hooligan and I must back off the speed before I set fire to the machine, the workshop and risking a melt-down that will go down to the core of the earth and end all life on the planet
3. I am a machining god who is forcing the material to bend the metal to my will but getting the best out of my equipment...

Essentially given that the machine seems happy to take the load and the insert seems happy to take the temperature I'm asking if there is any reason why I shouldn't be doing this?
AS