The first cut is the overall cut and outline of the handguard at the correct depth if using 1/2" material. Use a 1/8" 2 flute Upcut bit.
The cut that is centered at 5y,4x is the inlay that will hold your unfinished handguard, the inlay may need to be adjusted depending on the machine used. I cant guarantee that it will fit to the exact tolerances my machine will afford given each machine requires constant upkeep for precision to be maintained. Do NOT remove the 1/2" Oak board from your wasteboard, it must remain in place for the entire cut start to finish.
The second cut will profile the hanguard after you have snuggly fit the rough cut piece into the inlay. Run the next page of the cut. Use a 2-flute ball nose bit. Run it tricking the machine to think it is using an 1/16" bit to maximize the step over and not leave a flat spot on the edges of your handguard.
The last cut page will cut the slats into your handguard and profile a seat for your MLOK bolts. Make sure to use a 1/8" 2 flute down cut bit for this or it will want to pull the handguard from the inlay and ruin the piece.
Then carefully pry your new handguard out of the inlay and seal it or stain it, then mount it and enjoy.
A youtube tutorial will follow shortly after the posting of this project. ( however long it takes me to shoot and edit every portion of the video required to give you all a good step by step)