Wayne, this bit is one you should purchase. MLCS offers an inexpensive set which includes 1/4, 3/8 and 1/2" bits. You will use them all the time so it is worth investing in them. They far outlast carbide tipped bits. Any plunge cutting 1/2" diameter bit that is 2" long will work. You can use a drill to make a through hole and make your cut out with a jig saw.

 

"I need to stretch the money for other purchases."



To save a few bucks, why not get a 1/2" diameter, High Speed Steel, Endmill?

It will work just fine, as long as your router can be slowed down.

 

I have to agree with Harrison, I have several end mills that work great. They are spiral cut and leave an excellent finish. Just slow the router down a little.

 

I have never used an "end mill" in a router so with you guys saying they work verty well then I will have to get one and give it a run. NGM

 

i have used them in my first prototype of hybbrid pantorouter.the tenon they rout very nice but for mortising they are too slow.one reason they have very less depth iside spiral, second the front side is design for mortising metal so they have very less angle.
check my video you can see what i mean so i really recommend specialize spiral bit for woodworking not endmill.
Demonstrating steel pantorouter making mortise and tenon joint(HD) - YouTube

 

Right Singh, metal cutting bits for metal and wood cutting bits for wood. You get better results that way.