I'd think it'd be fine for low volume work.
You'll definitely need a slot cutter, and possibly a round over (if you want to round over the corners on your CP for instance).
You might also way a straight bit (I'm not sure exactly what they're called, but basically, imagine a bit that just cuts a circle with a flat bottom. That is very useful for cutting out button holes and for flush mounting joysticks. (often, you want to route out a recess to mount the joystick into, so it sticks out higher on top of the CP.