Hi Dan, welcome to the forum. I've built some picture frames for the same reason you are looking here, to save money. I did it with a horizontal mounted router and many passes with small bits. Ther are bit sets that are made for picture frames but most are 1/2" shanks. If you look at my downloads (by clicking on my user name) you will see how I went about it.
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.