Unfortunately, that looks like it is within the 1/4" specs at the moment.
But you can work around it easily.
If you create a jig, you can work around the alignment issues now.
All you have to do is create a file that has a rectangle the same size as your tag, align the artwork inside of that rectangle in the same file and give it a different color than the rectangle.
Save it as an SVG file, take the whole thing into the Glowforge interface, set the logo to Ignore, and cut the rectangle out of a sheet of scrap cardboard that you have taped down so that it does not move.
Then remove the cutout(s), drop in the dogtags, and without changing anything or moving anything on the screen (even if it looks like it is off), set the cuts to Ignore and set the Engraves to process.
It’s a two step process that works with 100% accuracy as long as you don’t move the material or shift anything on the screen once you cut out the holes in the jig.
There’s a tutorial on it here: