I'm going to add my two cents with a perspective of someone who selects tools for machining parts (and who uses FEA):
For a start; tools fail due to wear/fatigue/damage accumulation, not simple one off peak loads (unless the person selecting and using the tooling doesn't know what they're doing)
Anyway, where are your forces coming from? Applying a force to a set of nodes seems arbitrary. The force that a tool experiences is dependent on the cutting surface geometry, the material being machined, the cutting strategy, the feeds and speeds involved plus a whole bunch of other parameters for varying significance. See the attached pic of a cutting force vs rake angle for PA 4/6 for example (from Yatish Patel's PhD thesis; The Machining of Polymers, Imperial College, 2009) The way that chips form during cutting is a function of the material being cut along with the geometry of the tool as well as the aforementioned speed and feed rates...lets take an analogy of grabbing a knife and trying to shave/scrape off a layer of material from, lets say, a bar of soap. The angle at which you hold the blade to cut will have a huge effect on the amount of force/energy to cut through a given amount of material and also whether the soap you cut comes off in a continuous sliver or breaks up into smaller slivers. Consequently you can't simply compare the apparent failure load of tools with different geometries; one may appear stronger than the others but if it results in a higher cutting fore then that would mitigate such a difference.
And the above considerations are just for starters. For example, another important factor when dealing with tooling, especially brittle tooling, is the runout of the tool holding assembly. Runout is a value that described the eccentricity of the tool and there is plenty of literature out there on the effect of runout on tool life.
I don't think that FEM would be the easiest/fastest/cheapest approach for selecting or designing a new tool. If you're doing this for research purposes/a degree then that's great but I expect you'll need an explicit solver (e.g. LS-Dyna for ANSYS), plus an Intel Fortan compiler for implementing appropriate user defined materials, to really get into this.