Leaving 0.030" is fine as long as the drilled hole is running true. If you can't get the hole in straight, you need to leave more stock.
The way I do it is drilling about 0.030" under for a little ways, about 1/4", then observe the runout. If it's less than 0.015" I measure the hole with dial calipers, then touch off the drilled hole with the spindle running, and making allowance for the runout, take a cut. If you do it right, you will clean up the drilled surface before you get to your desired size. Never touch off with the spindle stopped, especially if you are using carbide. Using the caliper measurement as a base, dial off 0.010-0.015 and take the cut, as long as that is still undersize.
As far as depth goes, I feed up to within 0.050 max, then hand feed until you hit your depth. This can be determined by your DRO, or a dial indicator set up at the end of the cut.