Hi Dave,
what you are trying to do is not impossible, but considering the way you built your model using a sketch to define the shape including material thickness and revolving, your options for shelling essentially go away.
I'm also seeing areas where you're going to have injection molding problems due to inconsistent material thickness. This is a good introductory guide to designing plastic parts for injection molding
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I was able to model a cutting tool to give you the results you want, but in my opinion this is a limiting method and a bit of a "hack". If you go and make changes to your design that occur early in your model, there is a high probability that the cutting tool will fail or give you grief when changes are made.
the cutting tool was made by offestting your top "swoopy" surface
building a sketch that offsets .125" to get the "shell" cut in the area you want
revolving this open sketch as patch surfaces
then a series of split bodies and merges to make a solid body as your cut tool.
see http://a360.co/1KaQx2f
I would aviod using this method, it's a good example of what not to do.
In my previous post the process of building whole solid bodies and letting the shell do your mateial thickness calculations gives you a lot more downstream flexibility for early design changes, such as profile shapes etc. as well as truly consistent wall thickness that will result in a better finished product.
One approach is do your sketch for the revolve (see below), but get rid of all the B-side or interior/material thickness attributes as well as the secondary corner rounds in your sketch then revolve, add secondary transitional details/rounds then shell. After that add your remaining B-side detail. see http://a360.co/1KaQ542. I stopped up to your sketch of the lid seal, as I'm not certain what you're trying to do there
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if you compare the two modeling approaches linked here, Lid Sketch_jg_with Shell is a much cleaner model with fewer features and the design intent you want. This will help with file translation and sharing this data when you have to hand a file over to your tool maker to quote and do the production work on your mold.
hope this helps.
hope this helps,
Jamie Gilchrist
Senior Principal Experience Designer