Well if you want to create a deep bevel, you can start with something more coarse and then finish up with a brass screw & compound.
Just a couple of things to take into consideration:
1. Take care not to create an uneven bevel. A coarse cutter will tend to grab your workpiece, removing more material on one side...and because it's aggressive, it happens very quickly. You want to orbit your drill as you go which randomizes any lateral bias you're applying, and that helps to create a uniform bevel. If instead you try to hold the drill perfectly in-line with the barrel, you will end up with a lopsided bevel.
2. The deeper the bevel, the more likely it will develop some unevenness. If the muzzle will be exposed (no shroud / LDC / muzzle brake), a deeper bevel provides some inherent protection to the crown from bumping the muzzle into something hard. Otherwise there is no reason to make it any deeper than is necessary to remove any burrs. The one pictured above is pretty shallow but is still deeper than was necessary.