Z-Axis Weirdness on first Easel Pro/V-Carve

I fully recognize that there could be some simple user error in this, so bear with me…

Working on a sign for my mom for Christmas, and decided I’d use my first ever Easel Pro free day to do a V-Carve. Got through with the (pretty basic) design and realized I only have the orange-ring engraving bit. Without enough time to order a true v-bit, decided to give it a go with the engraving bit since it’s pretty shallow and just walnut.

Bit settings: 30 degree, .125 width

Did the first carve, and while it was ok, tried a different layout of the words. That’s where things started getting a bit weird. I didn’t like what I was seeing after the first word was finished (too deep), so stopped the carve, made a couple tweaks, and tried again. Third carve was also going way to deep. Stopped again, did some digging in the forum, tightened up the wheels on the Z sled, checked to see Z travel while jogging (which was accurate), and did a test carve. Again, too deep.

Here’s the results (in inches):

First carve - .156 actual, set at .176 (I think - may have adjusted depth of cut in Easel after being unsatisfied with result)
2nd carve - .156 actual, set at .076 (I think - may have changed depth slightly to try and get better results on third cut)
3rd carve - .1875 actual, set at .076
Fourth carve - .125, set at .076

I’ve been doing straight cuts throughout the past few days (1/8 and 1/32 bits), and haven’t had any issues with wrong depths, which is what’s confusing me.

Anybody have any insight as to what might be happening? My guess is that I messed something up trying to set up the bit. Any assistance is great…I may be able to salvage one of my attempts, but it’d be great to present my mom with an exceptional carve rather than one that’s just ok.