Thought I would drop by since my name has been mentioned a couple times

Unlike some other guys I'm a fan of paying CPC. CPM can be unpredictable as hell and depending on the niche, you CAN get 0.05 CPC. Facebook always gives you stupidly high suggested bids. Start at $0.10, wait an hour. If you get no impressions keep increasing till you do.
I'm afraid I can't say much more than that. I'm thinking of releasing a Facebook PPC product with some of my scripts in it but I'm not sure yet.
Anyway best of luck

+Rep added.