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The biggest issue I see is that the 1/4 shank isn't particularly strong, so you will at least want to make a lot of very shallow passes to make the full cut.
I would first trace out the the pattern onto the ply, then use a band saw or tape it like mad and use a jig saw to cut it a less than 1/8th outside the line, re apply the pattern with double sided tape, then use a trim bit with a top mounted bearing to neatly trim away the excess. The tape is to reduce the chipout if you're using a jig saw. If you have a band saw, use that to do the rough trim because you'll get less chipping and tearing.
I would first trace out the the pattern onto the ply, then use a band saw or tape it like mad and use a jig saw to cut it a less than 1/8th outside the line, re apply the pattern with double sided tape, then use a trim bit with a top mounted bearing to neatly trim away the excess. The tape is to reduce the chipout if you're using a jig saw. If you have a band saw, use that to do the rough trim because you'll get less chipping and tearing.
