I'd call Amana up and ask them what the max rpm is on that bit. Amana claims the bit is for boring machines and drill presses.
Just noticed...Amana also says it's a right hand rotation.
I've used the Festool version 491072 in a OF 1400 with great success.
There is a different part # that is similar and left handed.
Did you notice that you can get a "renewed" version of the Festool bit on Amazon and save a few bucks? The idea of a refurb router bit seems odd to me - you don't know how it might have been previously used.
Also, the bit has an 8mm shank. Does Festool make a 1/2" shank version of this bit? It seems like it might be a better match for a 1400.
Oddly, Freud makes bits that are metric and smaller than 20mm with 1/2" shanks, but the only 20mm bit they make is 1/4" shank. Amazon has an off-brand 20mm bit with a 1/2" shank for ~$20, but I can't find it now. There are also some off-brand 20mm bits that are not plunge bits, so not suitable for this application. CMT makes a solid carbide 20mm bit with a 20mm shank (weird) for ~$180, but they also make a normal two flute bit with a 1/4" shank for ~30.
For routing, I'd go for the Festool bit just for the 8mm shank. Maybe if I was just buying the bit for one short job, I'd go for the off-brand guy that Amazon sells and see how it does.
If you go the drilling route, I've used and like the bit that comes with the Parf Guide system, which you can buy separately, and the 20mm brad point bit from Lee Valley.