SUre can when you set up the tool info you will find a box to set the cut depth per pass or step for the tool. Each tool can have a different setting. When you assign the tool to the layer Lcam will set up the cut per pass based on the tool settings.
If you set up the tool for .500" per step then with your total depth of .750" Lcam will make the first pass at .500 then a second pass at .250"" for a total depth of .750". If you have multiple depths then assign each to a different layer .
If you need more info let me know, I just spent a week working in Lcam learning the ropes.
(;-) TP