You can use a variety of sizes.
One needs to be smaller than any corner or point. This is for finishing the cut. Use a fine cut burr here.
One can be about 20% of the total shield width, and is used to remove material efficiently.
Of course, it also depends on the material being removed, Go with a smaller bit on brittle or sensitive stuff like MOP or ivory. Wood and stag can take a bit more aggressive burrs.
I use a 3mm straight burr for roughing and a 1mm for fine trimming. I often follow the final trim with a reverse cone burr to undercut the bottom of the recess. This makes for a better seat as well as allows some resin to hold from the sides if using epoxy to set the escutcheon. I also put some cuts back and forth in the open areas of the recess to allow some resin to collect there. If the shield is a perfect fit for the hole, all the resin will squeeze out , and sometimes prevent the shield from going all the way in.