Might sound stupid, but when defining a tool in estlcam, if it is a V-bit, for the diameter, i enter the full outside diameter?
For example this one diameter should be setup as 12.7mm ?
Correct. V-bit assumes a point, so you give it the outer diameter and angle.
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Is the “V” bit you highlighted pointy? From the picture it looks like it has a slightly blunted point, maybe an optical illusion - Estlcam has an offset for that if your results don’t look as intended.