Anyway, seems like I should be able
buy an off-the-shelf tool bit with
a snubbed 40 degree included angle.
Just plunge a certain depth and I'm
done. Is there such an animal?

I tried that. Even on my 10EE it was a chatter box. Just too much cutting
surface area. I made a 40 degree point HSS form tool. Ruff out pulley with
cutoff blade, cut left side, move carriage, cut right side. This was for a
six groove sheave and it only took and hour.

Karl