Andrew - I have been cutting a lot of acrylic and Lexan lately, mostly Lexan. I have been using an Onsrud 63-775 1/4" bit. I have a PC router and run it at 16,000 rpm. I cut 1/8" deep per pass at around 2 IPS. I have never had any problem the Lexan melting at the bit. I don't use any cooling. My edge finish is good, I wouldn't call it great. I have used an 1/8" bit in the past with success, but they will break. Stick with a 1/4" if you can, I have yet to break one of those (knock on wood).
PRT Alpha with 7.2 upgrade, indexer, and PC router