Based on several examples from the LightBurn forum which I cannot find, this emerged:

It’s ordinary laser-grade 3 mm plywood with another wood inlay, sanded flat and covered with polyurethane sealer.
The key attraction: not fiddling with tiny veneer bits.
Cut the recesses in one pass with enough energy to make them at least as deep as the veneer thickness:

Press the veneer onto aluminum tape, taking care to avoid wrinkles and folds, and cut away everything that doesn’t go into those recesses:

Which looks gnarly when you’re done:

I cut the aluminum tape to fit within the corner targets around the plywood layout, thus simplifying making possible aligning the positive veneer shapes with the negative plywood shapes while being unable to see either of them.
Slather wood glue over the plywood, make sure even the tiniest recesses are filled, align the aluminum, clamp the two firmly together, wait for a few days while the glue cures in that airless space, then peel off the aluminum:

Which looked so awful I thought that was a disaster, not least because the veneer stood proud of the plywood, so it remained on the back of the bench for far too long.
Eventually, having deployed the sander for another project, I sanded the veneer flush with the plywood to reveal the nearly perfect results in the lead picture. There’s a bit of smoke stain left in the grain, but the tiniest recesses have at least some veneer fill and the surface is entirely smooth.
The overlaid circles worked out:

The darkest block and the smaller lines are badly smoke-stained veneer, as they have wood grain visible under magnification. I think those may not have fully entered their recesses and we’re seeing a very thin veneer layer soaked with soot-filled wood glue.
Another view:

The checkerboard squares worked well;

To my astonishment, even the 0.5 mm squares have some veneer inside, as do the 0.5×1.0 mm rectangles on the left:

Not knowing any better, there’s no kerf offset on any of the figures and they’re separated by about the 0.2 mm width of the focused spot.
Aligning the veneer to the recesses was tricky and I was not at all sure it had happened. I think larger shapes would be much easier and might give off a confirming squish as they meet their sockets.
Gotta try that again without the benefit of beginner’s luck.




























