routing to that depth is _no_ problem, assuming you've got an 'adequate' router.
_I_ would use a narrower bit, and do two passes -- that way I can guarantee an exact fit for 'whatever' thickness the nominal 3/4" ply is. I've had some that would _not_ fit in an exact 3/4" slot and others that were loosey-goosey in a 23/32nds slot.
The type/class of the plywood, the manufacturer, the humidity it's been exposed to, can all make a difference. And they're all -guaranteed- to be in the direction that you'd rather -not- have them go.
This is especially important since you've ruled out the optimum solution of cutting a slot with a Freud 60-tooth blade. Which, as reported in another thread herein -- according to Freud's own advertising -- "always cuts to the correct length." :)