Deb and Bob are dead-on that a 3+ HP router have the power to walk a 3/4" bit through a 3/4" piece of plywood in a single pass, but I do not recommend it as you're "pushing" safety "rules of thumb" and will not end up with a good cut.
The rule of thumb is that you should cut no deeper than the diameter of the bit. That is, a 1/4" bit should cut no more than 1/4" in a pass and 1/2", 1/2". This rule of thumb is intended to protect the bit from being broken off in the collet. Thus, to *complete* the rume it should be "cut no more than the smaller of the diameter of the bit and the bit shaft diameter." For many bits the cutter us equal or smaller than the shank so this isn't an issue and to be fair, this rule is intended to protect you when cutting hardwood but..
To get the best cut, I'd set the depth of the first cut to about 1/8" to shear the top with minimum chipout, then cut 1/2" to hog the meat, and make the final about 1/8" so the bottom chipout is minimized. Some will argue that spiral bits negate this and to some extent they do but the spirals I've seen are router shank diameter or smaller and expensive. For example, a 1/2" diameter Whiteside RU5100, 1" cutting length, sells for $40 to $50.
In any event, a circular saw blade will be far less expensive and waste less wood.
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