There are some great tutorials here on Hobby Machinist. Here is one that google found.
http://www.hobby-machinist.com/threads/grinding-lathe-tools.29848/
As mentioned further back in this thread a fly cutter is ground like a left hand lathe tool.
(In a Lathe Cutting from Left to Right) That is when the mill is rotating in its normal forward direction.
If the clearance angle is incorrect (too small or not at all) material will build up behind the edge of the tool and the surface finish will be poor, the tool will get hot as it is basically rubbing and not much else.
If the clearance angle is to high the tool will be weak and go blunt quicker. Generally with clearance a miss is as good as a mile so don't over do it.
The same principles apply to all metal cutting tools. The angles change depending on the material begin cut. Have a look at the point of a drill. You will see the rack angle from the spiral flute and the clearance ground on the point. When you sharpen a drill you only ever grind the clearance angle on the point.
It is easier to think about the tool geometry on a lathe because the tool is stationary and you can watch the metal coming off. But a fly cutter is much the same principle.
Good on you for having a go and figuring it out. The main thing is you enjoy it
I was an apprentice right out of school at 16. I learnt from a bunch of old blokes approaching retirement back in the days when disposable tools was a new idea. I have been out of the trade for half a life time and I'm just getting back into it in recent years. It is amazing what stuff sticks in your head
David