Mike, I found the bits you are looking for in two styles, flat and round nose made by Whiteside in solid carbide.(The bits may be available from others.) Here is a link to the page on Woodcraft's web site if you are not close to one of their retail stores.
As far as making accurate cuts to be repeated on more than one panel the smart way is to build a template out of 1/4" Masonite(hardboard) and use a guide bushing. This pretty much guarantee's your panels will have identical cuts. I have two questions for you; Where are these cuts to be made on the panels? Regardless of what the plans call for I would not make cuts into 1/4" plywood. Have you considered attaching a nice trim piece instead? Let me know.
"Living in the D" (this means Detroit!)
"It's fine to disagree with other members as long as you respect their opinions"