So after careful thought process, I removed the counter springs and lowered the Z axsis until the v-wheels were aligned with the bottom of the rails.
My total distance from the bottom of the Makita collet nut to the top of the aluminum base plate is 1 9/16".
Adding a 3/4" waste board leaves me with 3/4".
Using a 1/8" bit is 1.5", so technically this will work.
So I have at least 2 unforseen issues:
The aluminum plate is 1/2" thick, whereas the OEM board is 3/4" thick. So to clear the angle bracket for long projects I would need a 1" thick waste board.
What benifit did upgrading to an 1/2" aluminum plate provide besides the added cost. Other than a surface that is ridgid and not prone to water or oil spills. So to make this aluminum upgrade plate work, I need to add a spacer between the aluminum plate and the angle bracket by at least 3/4" to 7/8". This will drop the entire rails closer to the aluminum plate’s top surface. The total distance from the top of the Aluminum plate is 15/16". I would need a waste material between the top of the Aluminum plate and the work piece of perhaps a 1/4" thick. Not sure of waste board thickness at this time.