Thanks for the response Pete. I copied and pasted my link and forgot to change the second one... it should be:
http://coloradodesigns.com/graphics/railing2.jpgAhh, so what I'm calling the base is called the nosing... the piece I'm measuring in the picture "railing2.jpg", correct? It's 3/4" thick. So I should undercut that ~1/4-3/8" with an oscillating multitool (I can lay the blade on top of a scrap plank+few sheets of underlayment). Then when installing flooring, position that first plank so it's slid ~1/4" underneath the nose so we don't see the edge and that will allow for some expansion/contraction. I think I got it.