Andy-G is quite right, 1mm stainless sheet is about the limit of the technique I described, and it will need more than chipboard or MDF. The two pieces of steel sound OK, and a layer of masking tape usually protects against marking. Remember stiffness is a cube law, 0.5mm should be 8 times easier to bend than 1mm! As he says, a hard hardwood piece (eg beech, oak) to make the corner of the bend is indicated, Mahoganoid will be no better than softwood.
If the bend angle is made too great, place the corner edge on a flat (expendable) piece of wood, put a bar 10mm or 15mm diameter inside the corner, and hammer it via a another wood board to “draw" the angle (this will spoil the bar for precision purposes).
On grooving the bend line, this will certainly concentrate the bending. Best would be to mill it with a ball nose cutter, avoid a very narrow groove which may result in cracking. Unless you can keep an angle grinder very straight, the wavering will show on the other side when bent.
Or perhaps start with 0.5mm stainless sheet.