You will NOT want to go to full depth with a 1/8" 60 degree engraving bit. You would still want to make multiple passes even with a 1/4" 90 degree engraving bit. It can be done with care.
There could be more info on a forum that deals with CNC engraving. Check CNCzone.
Good luck Charles. I’ve had no success with your design at 300mm x 300mm with cutting through because of the large thin sections in ply nor in acrylic.
But painted and engraving should be possible on the larger machine.
I’ll try it in a piece of black anodised aluminium tomorrow.