What is Reddit's opinion of Freud 32-522: 5/16", 3/8", 7/16", 1/2" Depth Rabbeting Bit with Bearings?

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I'm new here, so please let me know if this post goes against any rules! I read through them but it seemed like this is ok...

I am working on a large credenza with mitered corners. My mitered corners are NOT GREAT. I would like to route out a a 1/4"x1/4" inch channel on the corners and fill with strips of hardwood, and then do a 1/4" round-over to give it a cool mid-century feel. I believe since I have two pieces of 1/2" ply laminated together, taking out 1/4"x1/4" in the joint will not result in a loss of structural stability. I will be edge-banding the front, if you're worried about exposed plywood edges.
To do so I'm looking at this bit set.
Do you think this will work or am I missing something?

For the entire cut, I'd stand the final board on-end, with a jig attached to provide support for the router on the outside of the board and probably some curved triangles in the corner to help support the router when it's going those curves. Then you use a rabbet bit like this to remove the material and just follow along the board to remove material.

I'm the first to admit that I'm not an expert, but is there something fundamental that I'm missing which would make it impossible to run a router along the inside of a board stood on-end like that, assuming there's proper support to keep the router level and the workpiece stable?