If you just want the two sides to match, you can get by with a bit that has a 1" cutting surface.
If you've got a flush-cut bit (bearing on the bottom), you set the depth so that the bearing rides along the top 1/4" of the bottom piece. The 1" long cutting surface should then cut across the entire 3/4" width of the top piece.
If you've got a template bit (bearing at the top), you do the opposite: set the bearing so that it rides along the bottom 1/4" of the top piece. Again, the 1" long cutting surface should cut across the 3/4" width of the bottom piece.
Once you've made a complete pass around both pieces, they should be identical. Either the top piece will be a duplicate of the bottom (flush cut bit), or the bottom will be a duplicate of the top (template bit).