Either way is fine. I like route-radius-glue, because it avoids the trouble of keeping the router level on a radiused board, and the trouble of spraying shell dust everywhere when radiusing. Of course, you do still need to radius the shell pieces themselves after gluing them in, but then you can do it by scraper, which doesn't fluff the dust into the air.
If you have any shell pieces that are off center (especially black and gold MOP, which are often not colored all the way through), then it can be worth the trouble to radius first, and tilt the router so it's tangent to the fingerboard surface at the center of the shell piece. That way you get minimal scraping depth at any point on the piece.
But the easiest of all is to do all your inlays in fairly thick wood, before radiusing. It's a lot cheaper, a lot easier to cut, more forgiving to being jammed into a not-quite-fitting pocket, you can inlay one piece at a time, "layering" them, rather than shaping them to mate perfectly before inlaying, you don't have to worry about getting the router depth just right, and they radius right along with the fingerboard without making any worse dust 
And yet I have a good stash of shell blanks, and my current guitar's fingerboard has a bunch of pockets routed into it, waiting to be radiused...
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