@Swinly Sorry for the delay, Lonnie.
OK, here goes
First, the calendar files that SandyEggo offers are based on a 24" diameter calendar. I only know that because he told me so. So, when we reduce them, we also complicate matters wrt possible level of detail. Mine was 18". The Dell Comics one that I did was 15 or 16 as I recall. What this means is that we need to use smaller bits and shallower cuts to get anything near a good result. OK, lecture over.
WRT to your specific specs:
I used a tapered ball nose with a tip of about .03", along with the V bit. You can use the .125", but it will not cut much as there are not many parts of that job that are big enough for that bit. (The biggest area is in the centre around the JB character and it will do a good job of that.) Use a down cut if you have it. The upcut will leave fuzzies on the surface.
Your max cut depth should be no more than .125" on a calendar that size.
I ran the tapered ball nose first, with a max depth of .125, then the 60° V bit with the same max depth. If you stay with the .125" bit, run it first, then the V bit.
Home Depot MDF is not terrible. It’s simply not the best quality out there. You can get good results with it though.
Finally, if you don’t mind the time it takes, run the V bit tool path twice, with no changes at all between the first and second run. For really clean cuts, coat the material with a 1lb cut of de-waxed shellac between the passes. (This is overkill, but it will make an observable improvement.)