I think you are going to have to dress the plate after installation, no matter which method you use. That means, you have to engrave it after installation.
My issue is properly cutting the inlet with the gravers and chisels that I have. I have a 1/8" die sinker chisel and a 3/32" flat graver. So the flat gravers are covered. I just have to keep them sharp. All my square gravers are ground greater than 90 degrees which means they won't work for an undercut. Actually, I don't see how you can do an undercut with a 90 degree tip. I guess I am going to have to grind something special. Any ideas?