I too have a Sears moulding head and am very pleased with it. I've had
it about 30 years so i can't comment on the new ones. What is nice is
they sell straight cutters for rabbetting and I have ground my own
profiles on them when needed. A pair of "Board Buddies" or similar
will eliminate most of the chatter and prevent kick backs. More
important is a custom insert in the table that fits the width of the
cutters. Make them out of 1/2" Baltic birch and make sure they are
secured! Give the fence and table a good wipe down with some kitchen
wax paper before you start and you will end up with mouldings that
don't need sanding. You should not sand mouldings anyway as you lose
all the nice sharp crisp details. Stock selection is also critical and
one of the best woods in my opinion is tulip poplar also known as
black poplar or tulip wood or poplar depending where you live. Anyway
its the olive green stuff with the dark lines and creamy sapwood. I
find this can be stained and finished to match almost any exotic or
domestic hardwood. Use a conditioner or a bleach and then conditioner
depending on the wood you are matching.
Go for it I think it will do all you need