Galootish wreckers and other interested wooddorkers,
Short version: used some planes and a marking gage to raise some panels without killing any electrons.
Long version:
I've got a bunch of raised panels to do for my current project, and it's been a long time since I've done any so yesterday I got out a scrap piece and did a trial run. They will be done in pine, which means it comes dangerously close to being an exercise in sheer futility. (If you've worked with pine, you know what it tends to act like when going crossgrain, and it's not always pretty.)
Anyhow, got out my L-N #140 (low-angle block rabbet plane with skewed iron, Jeff), my LV rolling-wheel marking gage (got the new one with micro-adjust and recessed screw; it's a keeper), my #90 and my LV low-angle smoother. (A plow plane or dado plane (with a batten) can be substituted for the #140, and an unfenced block plane will do most of the stock removal if you are careful.)
Laid out the bevel by scribing the desired depth all around the outside of the panel and then re-set it for the perimeter of the field of the raised panel. It helps to make deep scribe marks at the perimeter, to get a clean shoulder to the raised field. And it's OK to re-scribe that while you are removing waste (the recessed screw is nice here, as the head of the previous model's screw could leave a mark on the field).
Anyhow, set the fence on the #140 so it's just a GA (RCH, Paddy) shy of the scribe and start by removing stock to establish the depth of the "flat" or "shoulder" at the perimeter of the raised field. (I start on one crossgrain end and work it completely, then proceed to the other crossgrain, etc.) After that, I leave the fence set up, but angle the plane so that I start right at the edge and gradually work my way back towards the center, creating the bevel in the process.
The idea is to make each stroke full-length so that you are getting a consistent bevel. You can clean things up later somewhat (that's what the shoulder plane and low-angle plane are for), but the more you fiddle with it, the less likely you are to get a crisp transition at the corners.
If you get it right, you will reach the scribed mark on the outside edge at the same time you reach just shy of the flat at the perimeter of the raised field. I can't offer any secret here; just eyeball your scribe mark as the bevel widens. If needed, get rid of any tearout or ragged grain by using the shoulder plane (it's especially good for touchup right next to the field) or the low-angle plane (works well for crossgrain cleanup, but either set up a batten or be very cautious so you don't munge of the edge of the raised field).
Repeat for other crossgrain and then long grain sides.
After that take the marking gage and set it for the depth of the groove that the panel will fit in. Then scribe that on top of the panel, set the fence on the #140 for that (minus the RCH), and turn that bit of the bevel into a rabbet (working crossgrain first, as usual). You have to concentrate on holding the plane vertical, which will remove stock from the scribe-mark back towards the edge with each pass. Stop when the slope has been removed.
Finally, touch up any rough areas with a scraper or sandpaper and you are there you have it. If it was done in pine, you will likely have some areas that are ragged (especially on the crossgrain cuts), but do your best to smooth some of the more obvious spots. (With a fenced plane, you *will* have one direction that looks worse than the other, and that can be complicated by the fact that a glued-up panel may have a reversal of the grain in the middle of the crossgrain.) Odds are it won't be perfect at the transitions, and you may even notice a mark or two where the plane went too deep on a crossgrain cut, but if you wanted machine-perfection, you wouldn't be doing it this way anyway. :-)
Chuck Vance Just say (tmPL) It takes a while, but it's a lot easier on the blood pressure than running some monster panel-raising bit or doing some balancing act on the tablesaur.