I've got to admit Jacob that I, like others seem to have don, looked at your suggestion yesterday a bit askance. I'd say it's quite likely from the information in bearwood42's initial post somewhat limited experience of woodworking and woodworking machinery, and by his own admission he would "now need to learn to use" a spindle moulder, so there seems to be no practical experience there.
Given all that I think suggesting he head off to buy an old style Whitehill block, find a bit of appropriate tool steel, grind a single cutter and then an offcut of suitable tool steel as a balance to go into the jaw opposite the ground cutter is, well, pretty bloody daft.