I have one of those and … its nice
you are right you want to make an outside offset (0.02" is likely enough).
You also want to run this bit after part of the cutout phase obviously and out of paranoia I ended up doing a extra broad cutout (basically a 2nd cutout pass to the depth I used the roundover pointy bit at an extra offset to make even more sure there was space for the bit)
so what I did (my stock was thick enough that I did not need to go all the way in with the roundover bit)
- cutout (outside contour) to MOST of the depth (leaving 0.05" or so for work holding)
- cutout (outside contour) at an outside offset of half the diameter of my cutout bit also to this depth
- then an outside contour with 0.025" offset with the roundover bit to a depth I liked (I tested this by hand)
- final cutout contour to full material depth
I ended up adding it as a V bit but… it doesnt really matter, it wont simulate “correctly” either way.