If you use the veneer approach or pre-stain, I recommend a downcut bit for less tear-out.
If you go with resin I use smooth-on products which are white or clear, and then you add color or effect powder (like metallic or color shimmer) - lots of options. Though I would be tempted to use a more milky/translucent effect. So it doesn’t look like “just paint”. 
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For really thin inlay stuff I saw a project where the inlay material was not cut all the way through. Leaving a thin “onion skin” of the original material for the base (otherwise it was so fragile it would break free during carving)
the inlay was glued in place and then the top remainder was planed and sanded away.