Veining Bits

Mike, I found the bits you are looking for in two styles, flat and round nose made by Whiteside in solid carbide.(The bits may be available from others.) Here is a link to the page on Woodcraft's web site if you are not close to one of their retail stores.
http://www.woodcraft.com/search/search.aspx?query="veining+bit
As far as making accurate cuts to be repeated on more than one panel the smart way is to build a template out of 1/4" Masonite(hardboard) and use a guide bushing. This pretty much guarantee's your panels will have identical cuts. I have two questions for you; Where are these cuts to be made on the panels? Regardless of what the plans call for I would not make cuts into 1/4" plywood. Have you considered attaching a nice trim piece instead? Let me know.
FLY ARMY!

Thank you for the information and your suggestions. I like the look of oak grain on the 1/4 plywood. Given your suggestion, I will refrain from cutting the veins in the 1/4 plywood panels. They were supposed to be vertical veins and located roughly at the 1/4th points of each small panel. Perhaps I could place a preformed decorative wood piece in the front panels or just the center panel? I think I have seen these in the Rockler catalog. Was your thought to place thin wood strips on the surface instead?
Thanks, Mike (Old Army Engineer)

Mike, the possibilities are endless. Glueing preformed decorative pieces would be a nice choice, maybe you would want to scroll saw your own? You could also glue on a small oak square with a decorative edge for a raised panel look, you can trim each panel with small molding and glue a wooden circle or rosette in the center... Since this is to be a family heirloom consider making each panel into a picture frame by using glass in front of the plywood, perhaps using a sepia tone photo of a generation of the family? Perhaps use a fabric under the glass?(I am thinking family tartan here)
Another source for woodworking items you should check out is:
http://www.vandykes.com/
Let us know what you decide, looking forward to seeing the end results!