The two slots are for slip or loose tennons to help stop any twist. I've also made arched windows in oak for a chapel. The dimensions appear to the rule of 1/3rds as already highlighted. The hammer is 1/3 the width of the stock, and the 'handle' or thin bit is 1/3 of the hammer width.
I would recommend using loose hammer heads, two reasons, it's blinking easy to snap off accidentally, and with two sides to wedge (each hammer head) it allows more opportunity to resolve any marking out issued. Equally, if you are too vigorous with the wedges / too much wedge, you can snap off the hammer head. Again, loose hammer head tennions are simple to replace.
The simplest way I have found of making them is
1. Square off the arch / curved frame so that both ends are square and parallel to each other ( I use a RAS with the arch mounted on a piece of MDF that runs against the fence - perfect results every time!) once cut square, and still mounted to the MDF I either turn the saw so that is running horizontally (not to be recommended - but very easy on the Wadkin RAS) or, use a wobble saw on a spindle moulder and cut two slots for the slip mortice slots
Mount / lay each style on the same thickness of MDF and cut the slip Mortice slots using the same method. These will now perfectly align with the arch.
Dry assemble the frame with the slip tennons and clamp everything square. A good tip depending on the size of the window is to use a sheet of MDF / sheeting ply etc to create a simple jig to hold it all together and square - I don't trust clamps for the next bit.
Mark out the Mortices for the hammer head tennons. Disassemble and cut the Mortices, they should be as deep as possible without breaking through on the other side.
When thinking about how big the space should be for the wedges, you are pulling along the grain, so they are not going to strectch that much before they break. Usually it's the hammer head flanges that snap off! I would recommend a quick try out on some scrap before deciding how far to drive in your wedges. Keep the wedges very thin.
The wedges and hammer heads should be cut from the same stuff to ensure they are of the same moisture content when first assembled. Oak moves a lot as it changes moisture content, so I cut the wedges and tennons together when I'm going to assemble. Never had a problem, just concerned that if I don't the change in moisture content will result in a failure of the tennon. Keeping the wedges thin also reduces the effects of changes in moisture.