1/16" Tapered Bit. Depth of Cut?

I have an X-Carve. I am cutting hardwood (walnut, h maple). I currently am using a 1/16 inch bit like the one below with a 1/4" shank.

Right now, I am cutting at a feed rate of 50 in/min, plunge rate of 20 in/min, and depth per pass of 0.03125 in. This works well.

I would like to optimize my cutting for speed. I’ve always been told that your depth per pass should be half the width of your bit. Thus, i have it set to .03125. However, since this is a tapered 1/16" bit, can i bump my depth per pass to be higher? Not sure how high to go.