Hi all.  First off let me say that I am a complete newbie when it comes to woodworking.  I know how to use (and own) a table saw and chop saw, as well as a jig saw and sander.  So I have most of the basics.  That said, I have never, however, used a router.  Now that I am getting ready to build my first MAME cab, I need to get some router skills.  At a minimum I will need to do the following things:
1.  Round over the edges of my CP (Entire cab is 3/4" MDF)
2.  Recess the joysticks and trackball mounting plate.  I will not have any bolts showing on the CP when finished.
3.  Route the groove for the T-Molding
4.  Trim the black laminate I am putting on the sides of the cab.
So this brings me to my first question:
I have read all of the info and threads on making  a jig and routing the recess and I understand it fairly well.  The problem is, I don't know which bit to get.  I know the thread says to use a flush cut laminate bit, but what size?  I have a 1/4" collet so that much I got, but what size of bit do I need.  I went to he sore and there are tons of 1/4" collet flush cutting bits available.  
Secondly,  once I have made th jig, it appears I need a bit with the bearing on top to ride against the jig as I route the control panel.  Which bit do I need for this, or is it the same bit as was used in making the jig and I do I just have to swap the bearing from the bottom to the top.  If that is even possible.
Lastly, When I round over the edges of the 3/4" MDF, which bit do I use?  I think I actually have the right bit.  It is a 3/8" radius round over bit.  It is my understanding that for a round over bit, you need one that is half the width of the wood you are working with, i.e. I am using 3/4" so I would need a 3/8" radius bit.  Is that correct?
Thanks in advance for all of the help and I promise I did use the search feature , I just couldn't find the answers I was looking for.
Cheers