Welcome to the forum Jim. Use the Craftsman for edge treatments like ogees or coves and leave the bit in and set when you have jobs that require multiple routing operations. That way if you miscalculate or damage a piece you don't have to get the setup right again. Most edge treatment bits are small so 1/4" shafts are just fine.
Someone I consider a master woodworker once told me that a master woodworker is not someone who never makes mistakes. He is someone who is able to cover them up so that no one can tell.