I just got one of these bits from Precise Bits and used it to cut some shafts with the side of the bit. It cuts so smooth using a router that almost no sanding is required. Just thought I'd pass the info along if anybody is looking for something. I've tried a lot of ways and so far, this seems to be the best.
http://www.precisebits.com/products/carbidebits/deepreach250f2f.asp
http://www.precisebits.com/products/carbidebits/deepreach250f2f.asp