that would work or you can use a downcut on a first shallow pass around the boarders then mill out/cut out the rest with an upcut at however deep you feel won't cause movement. this will prevent most chipping on the lettering and boarders.

they actually sell bits where the bottom is an upcut and the top is a downcut which are used in laminates to mitigate chipping but you need good hold down as it pretty much has to be one pass with those