Good question and BTW, welcome to the fun.
Definitely the 3 piece approach. A couple of strips run through the bit, glued to a flat piece milled to the correct thickness. Easy and inexpensive. Glue and pin nailer and one roundover router bit will do it, especially in a table. Pin nailer to hold the pieces in place while the glue dries. Use waterproof glue if the piece goes on the exterior.
If you have a table saw, rout the edge of wider stock, then cut the trim piece off the edge. Repeat.
If you don't have a pin nailer or compressor yet, you have a perfect excuse. And the compressor will work for a finish nailer as well. Size of the bit is determined by the thickness you need.
That looks like the type of bit you'd use on the edge of a table.
The more I do, the less I accomplish.
Last edited by DesertRatTom; 01-31-2019 at 12:23 PM.