Great question, and recently I went thru all of this, so let me try to help.

For the router itself, since I didn't have much experience using these tools, and I didn't want to sink a bunch of cash into the unit itself, I borrowed the neighbors instead and purchased the bits myself.
SKIL Plunge Router 1835 1 3/4 HP is what I used. I worked well, but is definitely something you need to be careful with as these tools are powerful and can get away from you easily especially on startup.
And for the bits, these are what I used.
SKIL 1/8" Roundover Carbide Router Bit
(Used for cutting my Lexan edges of the CP surface)
SKIL 1/2" V-Groove Carbide Router Bit
(Used for making V-Groove holes to counter-sink my 4 corner screws used to hold Lexan to CP wood surface)
Both SKIL bits can be purchased @ Lowes, or online to save a few bucks.
As for the T-Molding bit used, I used the following bit purchased from
www.mlcswoodworking.comSlot Cutter Complete Assmbly #5341, 1/16" - 1/4" shank
It was $16 and shipping was free.
As for curring the Lexan surface (and the CP wood for that matter) holes for Joysticks and Buttons, I used a 1 1/8" Freud Precision-Shear Forstner bit, also purchased @ Lowes.
All in all, the Lexan (purchased @ Lowes also) cuts took me about 6 hours as I was very meticulous to make sure I did not crack the piece. Turned out pretty good in the end.
Here are a few pictures of my project still work-in-process.
Good luck,

David