I believe that right there is called a spokeshave my friend! Well done. I've been looking for one at the flea markets and such, but now i'm thinking why don't i just make one!
Are you holding it at 90 degrees? If you hold it at an angle, it's gonna take big bites. Spokeshaves are made for holding perpendicular to the surface and scraping off fine shavings of wood. Needs to be plenty sharp at that.
Again, nice job and enjoy your toy . .. er... tool:)