There are a number of tools you could use, some more elegant than others with varying degrees of effort required. I would do this by measuring the bit and entering it .010 smaller than it actually is. This will remove .005 from both the male and female parts, using one set of the original vectors.
In order for this to work, you must accurately measure the bit by cutting a slow feedrate .100 deep slot and measure that. Enter that number, less .010" as the tool diameter, setup your toolpaths (conventional) and you should be good to go. If you are going to add finish you may have to increase the overcut
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