I just bit the bullet and purchased a router bit for this process. It costs $235 for such a beast, but the cost still makes sense if you do more than one. The cheapest completed bed wood kit was $189 plus $60 or more for shipping. Regular lumber yard Pine or Oak isn't cheap, but I have five or more beds to do so this made sense.
The bit will do both grooves in one pass. Its carbide with the ball bearing on it. 1/2" shank for my Makita M12V on a custom router table. I just feel better using something I am familiar with and can control. Thanks for all the suggestions.
http://devestechnet.com/Images/Projects/BedWood/TruckBed0001lg.jpg
