Hi, Clickmrmike
You can calculate the depth, But will still probably need to adjust it some anyway.
Not automatic, You'll need to set your Cut Depth to something greater than you need, Cut Start to 0, Rapid Hight to .2 or so, In LazyCam.
Do some test cuts and Jog your Z axis up and Re-Zero the Z axis till you get the cut width you want.
Use a panel the same thickness for test cuts or measure the "cutter tip to plate clearance" and Zero your Z axis above the plate using the same value.
Hope this Helps, Chip