I have one of these. Would it work for my project?
Not quite, that's like a Roto-Zip tool and they use 1/8" bits. Router bits are either 1/4" or 1/2"
shank (shaft). The wheel in the end of the bit is a bearing and it's keeps the bit from going
through the work piece.
So you will need a router to use that kind of bit.
Here is another source for bits https://www.mlcswoodworking.com/shopsite_sc/store/html/smarthtml/pages/bt_chamf.html
and they ship free. These and the Grizzly are cheaper bits, but if you don't have much to do, they will do.
I would always prefer to do these type of trim pieces in a router table, but if you do them hand held be very
careful at the ends where you stop and allow the router to quit spinning before you try to remove it from the
work piece. Also try to let the router start to spin down right when you get to the end to avoid any burning.