Here's the StewMac bit with a bearing in place after making a cut (for 1.62mm if I recall correctly):
http://www.pitbullguitars.com/wp-con...ng_bit_1_5.jpg
And, this is part of the cut it made:
http://www.pitbullguitars.com/wp-con...ding_cut_1.jpg
Barge, I'd advise making a few practice cuts to check the sharpness of the bit and adjust your speed (both of the router and how quick you move it) to ensure you get as clean and scorch free cut as possible. And, do a depth test with a piece of your particular binding to make sure it does give you the depth you want/need.