Run the corrugated-back knife stock your moulder and shaper already use on a CNC router that accepts 3/4" shafts: an alloy-steel head with a 2-1/2" cutting circle, 2" cutting width, 15° cutting angle, and pattern capacity to 3/4" deep, in clockwise and counterclockwise rotations.
The head seats standard 1/4" and 5/16" corrugated steel, with knives for straight and pattern cuts readily available — samples and short runs in steel, carbide knives for long production runs.

