Real question is why does it have to be gauge plate?
Bit of Mild steel would do or better still slice off the end of a bit of round cast iron, flat brass strip or plate.
If you must go with gauge plate then I would first drill the two ends of the slot 3/32, rough out the middle with a 2mm FC-3 cutter and then finish off with a 2-flute 3/32" cutter at 1/32" depth per pass.