I think it's possible you'll need more clearance than the starting thickness of your material.
If you think about what's happening in the corners - where in a folded design you'd notch out the extra material, here you're leaving that material in the blank. That needs to go somewhere. First it will try to go into wrinkles (like a Reese's cup wrapper) but if your die set succeeds in squashing those wrinkles smooth, the material needs to get thicker.
I’ve never done any male/female die forming with a press, but here’s a copper cup I hammer formed over a die starting from a disc.
View attachment 94260
The material started at .027” and I’m measuring the side thickness at up to .036”, so it got somewhere around 25-30% thicker.
I have no idea how to do the math for how to predict that, but I’d imagine the final thickness goes up at greater depth and tighter radius.
Also, if there’s zero clearance left in the final stack up of the two dies plus your material, I worry they will become one permanently. Or if there is no space left for the material to “flow” into, you will be essentially pressing a solid block at that point.
You planning to use any lube?