This was a quick test on 1/8" Birch Ply using a fine point 60 degree V-bit. I resized the original image to engrave 11.5" wide and 2.93" tall and Dithered it B&W. I used a .01" Pixel Resolution (step over & step ahead) and engraved at a 45 degree angle. The Skip White Bkgnd. was used to optimize the toolpath.
The settings used was 130 IPM feedrate and a 70% Feed Rate Change, a min depth of Z.000, max depth of Z-.045" and zeroed the tool tip .02" above the top surface so it cut Z-.025" in Black areas. In the white areas it ran at 130 IPM and in Black it slowed to plunge/cut at 39 IPM.
Here is the optimized toolpath viewed in Mach3.
This is what it looked like after staining and a light sanding afterwards.
It took 1:05:29 min total time to engrave. This was a first try and improvements surly can be made.