Well, I got it done. I used my 1/2" chamfer tool. It didn't work real well but it worked. I didn't go a 1/4" deep as planned. I just thought it didn't look right, I stopped at an 1/8" deep for the deep cut. I did cut a shallower groove as
@Parlo suggested. As mentioned the tip does not like to cut, shallow cuts were the answer.
I thought the groove turned OK for being in mystery metal and using a tool not designed for cutting V grooves. Now on to the rest of the project.
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