I agree with Bill, you need an upcut spiral for boring without burning. (These bits are less than half the price of a compression bit)
I would also replace the collet that held the bit. It's probably won't hold a bit for much longer and even worse, the heat could have warped it, creating an out of balance situation that can cause premature wear on your spindle. For the $40 for a new collet it's not worth risking your spindle.
Clean the filters on your vacuum pump, they're full of junk now.
Call Thermwood and find out what I missed.
Count your blessings, it's stuff like this that can cause dust collection systems to explode.