I use carbide, ball-end, end mills for slotting my guards. I like the carbide mills because they stay sharp longer. I use ball-end mills because they can drill their own hole through the material. However, they can walk around a bit when they are used to start the hole, so use a center drill to start a hole in the guard material. Then, switch to the end mill to punch through the guard.
I press fit almost all of my guards. I have several sizes of end mills that will make slots that are the proper size for any of the knives that I make. Some makers file the shoulders of the tang first and then mill the guard slot to fit whatever the tang winds up being. By this method, you use an undersize end mill, make the first pass with the mill, then index your table over to widen the cut to fit the tang.
I prefer to cut the slot in the guard first, and then file the tang to fit. I measure the thickness of the tang and then choose an end mill that is .020 to .040 smaller. I cut the slot in the guard in one pass with the mill. I square out the ends of the slot using a file that has had the teeth ground off of one side. I then set the blade up in my shoulder filing guide and file the tang to the size of the guard slot, plus .002. I file an equal amount off of each side of the tang so that the shoulders that the guard sets on are the same size.