The engrave feature doesnt do any lifting and diving.. It is only a depth setting.. You can see this by doing a 3d engrave on 3d geometry and setting the tooling to various sizes.. The path does not change (Like it would for 3d surface geometry.. The toolpath for a 1 inch bit is the same as a .125 setting...
If you have open 3d geometry, you can just do the engrave and put your Vbit in.. If you want to backplot it, you can change the toolsetting in the predator header to reflect a V-bit in the cut and depth..
If it is a closed planar geometry, You can create an offset of the geometry and use a V-carve toolpath to act as an Engrave, which allows you to specify the V Plunge at the feature.
Here is an example of using the V-carve toolpath to "engrave" a profile.. (Not 3d) The inner profile is the original geometry. I could get the plunging and lifting effect by doing an offset in both directions of the original and then doing some slight deforms to increase or decrease the width of the gap, causeing the V-tool to do it's thing..
But on an engrave, what are you looking for??? Is it just the verify thats missing? or are you looking for the V-Carve plunging and lifting effect out of engrave?