This is what I've found... I purchased 3/4" t-molding from t-molding.com and I used a 1/16" slot cutter. If you don't paint the raw edge at all and install the t-molding, the t-molding taps in smooth as can be. If you primer or paint the edge after you cut the slot, then the 1/16" slot is a tad too small and I had to use a razor knife to go back and scrape out every bit of primer in the slot to install the t-molding. If I didn't, the spline would tend to fold over rather than tap in.
Myself, I wouldn't pay the extra $$ for the .075" slot cutter, especially if you can pick up a 5/64" for the same price as a 1/16". I haven't used a 5/64" slot, but I bet it would work just fine. 1/16" is very tight and will hold the t-molding forever, but I'm sure the 5/64" will well, too.