Kevin Nevius that came up with the dimensions of that reamer typically uses light engraving. I forget the normal range he is looking for but a very friendly guy that I am sure would be more than happy to tell you what he is doing there. He is a forum member here.
Most people that want to play with engraving depth will run the chamber deep, then face back the breech face increasing the engraving depth until they get what they are looking for. A ton easier to play with things that way typically than to keep running the reamer in. One thing that cannot be discounted with a rimfire is finishing the leade after machining. The lead bullets and low power of a rimfire will take forever to clean up the leade of the chamber from just shooting alone and this will greatly affect the finished shooting product. Of course good machining of the chamber greatly reduces how much finishing is needed but almost every chamber will need something there. Depending on the leade angle, rifiling pattern, and internal dimensions, I typically shoot for somewhere between 0.135"-0.150" of stick out (measured off the back of a cartridge, pushed up to the point of touching in the chamber, to the breech face). This number will float around some based off of the length to O-give of the lot of ammo used( I see your gauge and it will work well after you figure out its relationship to average ammo length). There are people that have good shooting rifles with little engraving and heavy engraving but as mentioned in previous replies, what the rifle will be used for will greatly effect which way you go there. Personally, I have found things to be more forgiving with heavy engraving on BR rifles but that is not what everyone believes.
Edit to add: Whatever you decide on for engraving, please be sure to add a chamfer at the entry to the chamber at the breech face. The rim of the cartridge has a small radius at the corner of the rim to case body that will keep the rim from seating against the breech face. With it not seated against the breech face, there can be issues with obtaining consistent ignition and also tight bolt closure at normal HS dimensions of 0.043"-0.044" with some rounds/lots of ammo. A chamfer of 0.005"-0.007" in depth, at 45 degrees, with a slight polish off of the corners is plenty.
Tad