I have a 1/2" x 4 1/4" trim router bit with 2 1/2" long carb. blades and a top bearing I got from Rockler.com that would do the job I think.
I did checked the Rockler web site just now but they don't list the bit but I did drop by and got it from the glass case they have on the wall, they have the blue bits and the gray bits and this one is gray bit I don't recall the brand name.
But I'm sure this bit would do the job you want to do.
Flush Trim-Extra Long-2 Flute but it only has 2 " long blades,at 25.oo bucks
Was at the woodworking show today, picked up a 3 inch cutting length flush trim bit for 5 bucks. I also have a 3 inch 2 flute straight bit from when Hechinger's went out of business that works great when template cutting large pieces, I think that is an Amana.
For material this thick I would make a template to rout the internal side of the leg and a second template to rout the external side. Once the material is positioned Then the templates can be added.This will require the use of a template guide and a straight cutter I am not suggesting you cut all the way through simple leave some for trimming. Much Safer
use two bits , start with a flush bit with the bearing on the bottom and rout the pattern with it on the bottom of the stock, then install a flush bit with the bearing on top , remove the template and remove the rest of the stock with the guide bearing riding on the previously routed area
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