Modeling this in 3D instead may be done in several ways:
First, select the outer circle and model to a thickness of 1":
The select the inner circle and subtract a thickness of 0.5":
Then select the design elements and model them to an added height of 0.5"
which all previews as:
One would then offset the outside geometry as noted above and assign toolpaths as noted at:
assuming of course, that one can source ball-nosed tooling suited to making this cut — cutting this using square tooling has similar difficulties — it’s just much, much easier to cut as a V carving and be done with it.