If you are slotting when you profile then IMO you don't want more than 3 flutes unless it is a corncob, which is far better and you can go with 4 flutes. Do get two of the stub corncob, Fireplug, end mills for roughing, you won't be sorry. If you are profiling without slotting then start with 5 flutes, even if 1/8" diameter. They have a thicker core so they are significantly stiffer, and 25% more flutes to distribute the wear. The shorter the better, the less they stick out of the tool holder the better, and the shorter the tool holder the better, especially with less robust machines. Since you are designing things then don't do fractional internal radiuses. Instead of .125" go with .14" or so with a 1/4" end mill. It is just a lot easier on the tool and it will leave a nicer finish. Avoid using ball nose end mills if at all possible, using bull nose end mills that have a large corner radius instead. Feed mills might be a good way to rough the bevels.
Annealed 1095 is soft but if you use enough air to do the job it is noisy. I always use coolant when cutting annealed or other soft steels, generally because I use 1/4" or smaller tools. It certainly keeps everything cooler, adds lubricity, and is better for flushing the chips out. If at all possible I think you are better off using coolant, unless you don't have the guarding to keep it contained.
What software are you using to program with?