I have been successful in creating inlays using Carbide Create build 815. What has worked is to use the V-Carve toolpath. The female is cut using a #102 1/8" upcut bit followed by a 30 degree Vee bit. I set the Start Depth at 0.000" and the Max Depth at 0.200". For the male plug I use the same bits but check the Inlay Plug Mode checkbox. The Plug Depth is set to 0.180" and the Top Gap is set to 0.065".
The problem I have is that I want to use a tapered ball nose bit instead of the 30 degree Vee bit. Using the same parameters, the plug is way too loose in the female. The bit I tried is a SpeTool W01016 which is a 6.3 degree (included angle) with a 1/64" radius (0.031 diameter) ball end.
Start with the Male a bit higher. Your plug depth & top gap total .245, so maybe start with plug depth 0.100 and top gap 0.145. If you set it up so you can place the female on top of the male after cutting you can check the actual gap without removing it from the machine. Make the adjustment & recut.