Probably not gonna work like you're planning
Hi and welcome aboard the good ship Everlast! If you're talking about tungsten carbide, then I think you're in for a letdown. Tungsten carbide, as a prepared raw material, I've never heard of it being available in plate form of .125"-.250" If such a material were available, my guess is the cost would be prohibitive to do what you aim to do. Tungsten and tungsten CARBIDE are 2 entirely different materials, and the carbide is some expensive stuff! Whet is the actual size of each insert, and how many are on each bit? If it's even in the REALM of normal, I can find you a good, cheap source for replacement inserts that you could sweat in and grind to shape, but to my knowledge, plasma would just make a mess, if it would cut at all.
Most, if not all tungsten carbide is actually powdered tungsten carbide blended in a cobalt binder, then pressed together at tremendous heat and pressure. With the temperatures associated with plasma cutting, you would most likely destroy the structural integrity of the binder, rendering it useless. IF you got it cut, the edges would crumble, and by the time you got to the good part, thermal shock would have made it so weak, it would be useless.
The only way to practically cut the way you intend to would be with wire EDM, which is expensive in it's own right. Or score a flat piece with a diamond wheel, then snap it on the score.
I have a bunch of old carbide endmills and a pp70. I'll try cutting one tomorrow. Let me know what size you need, and some closeup pics would be nice.