Hey! Good to "meet" another Pentax (K-30, even)-using astrophotographer.
This was my first crack at the Milky Way with my K-30:
Milky Way edit #7 by -Occasionally Focused-
And the second, which is my favourite so far (only a smallish pic; I had to retrieve it from 500px, and for some reason only a smaller file is there - bigger one will be on my computer):
Milky Way 8.10.13 by -Occasionally Focused-
These are both single shots. Tripod (obviously); aperture wide-open; manual focus, with some test shots to get the focus right; rule of 600 (600 divided by effective focal length of your lens is the longest exposure you can have before you get trailing of stars); noise reduction on; shake reduction off. These were with ISO of 3200, and a shorter exposure time than the maximum (8" for the first, and 10" for the second). Next time I try (once these damn bushfires finish and the air clears ... that'll be a while) I'm going to increase the exposure time a little and try ISO 1600 instead.
And after that the plan will be for a wider-angle lens, both for the wider view, and for the longer exposure time it'll allow.
I would recommend you follow Michael Shainblum on Google+ or Farcebook
[sic], and check out his great tutorials on post-processing for the Milky Way:
and
The right post-processing really is important.