This video gives some tips to making this project. Although in this case I have used HTV you can use the same principles to cutting normal vinyl.
Test cuts are so important to make sure you cut correctly the first time. Although I am using the SDX1000 this option is available on the CM series machines. Adjust up if not cutting deep enough. Adjust down if cutting too deeply. Adjust in small increments until you get a good cut, then record your settings. I have uploaded a sheet here for keeping a record.