Slot cut and Chamfer for the Control Panel

I'm going to wrap a piece of green t-molding around the control panel and the Lexan protective cover. This will require me to shift the slot I cut into the side of the CP up 1/8" (to make up for the extra thickness of the 1/8" Lexan). Unfortunately, this will also leave a 1/8" wood gap below the t-molding. To hide this, I'll be using a Chamfer router bit to cut an angle into the wood (see image). Since the CP will be painted black, this should make the underside of the CP less visible.

The slot for the t-molding will also have to shift up 1/8" inch so it will now be cut 1/2" from the bottom of the wood using the 1/16" slot cutter bit.