Yes, I built my 38 special that way..... Worked great!
Just beware that I would recommend getting a separate bead & cove bits, because your router table may not allow the bit to stick above it high enough to use the single bit with both on it.
I have a the set I used on mine, I will sell you for $20. I only used them once & they worked great, just don't see myself building another canoe now that I moved from my house that had the nice work shop.
38 Special Build