Richard,,, There are a few things I don't understand about your question. .7 for a bend deductions is huge!.. What is the material, what do you mean by V-groove then bend. Can you upload your attempt. Maybe a screenshot of your feature tree..
This is a screenshot of a closed corner on my model when using all edge flanges.. Miter flanges come in handy also.
Lot's of questions..
Edit:.. Ok,, I get it. You are doing something like this for the V-Groove bit.
Yes Dennis , like you final image, my factory V-groove cut the sheet first.