Daniel,
For sure it will. I've done 1/4 deep with the 3/8 bit in just about every direction there is...lol. I agree with you, I think it would do it no problem. I've used every other shaping bit in all directions as well.
I just saw all those passes needed to hog out all that oak and felt more "comfortable" with the bit cutting "out" of the wood....lol. I probably just wimped out...