Yes I thought about this but wouldn't this mean I would need to throw away the guide bushings since they would not be necessary with these?
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Don't throw away any of your guide bushings.
For example, the famous European "Kitchen-Worktop jig" requires a 30mm OD guide bush and a 1/2" straight bit.
So you can use these with a 30mm OD guide bushing for that.
These pattern bits are also only available in 3/8" and 1/2" diameters. So when doing detailed engravings or in-lays with fine 1/8" or 1/16" bits, you will still need the smaller sized guide bushings.