Not sure this the best way, But I did a few inlays "Gold & silver" back when I was a Licensed gunsmith, I had a dremel, with a little router attachment. I would put masking tape on the stock, (forearm, in my case) transfer the pattern to the masking tape. I set the depth of cut a few thousands less the the gold inlay. Using one of those bench mounted lights with 20x lens, I carefully routed out the inlay. I had a little wooden mallet, that I hammered the gold or silver into the groove, then I would scrape the work to remove any high spots. Then sand it smooth, then buff it out. Was a slow process, but it worked. I had a set of special tools for the scrolls and light lines. My hands aren't that steady any more. Suggest you buy some scrap walnut and practice a while. It's not as hard to master as engraving, but harder than checkering.
Cut it twice, and it's still too short!