I think it should be fine in 1 pass. I managed to break a 1/4"
straight bit doing a 3/8" deep dado in 1 pass, but that bit was on the
cheap side, and there's a lot more metal behind a 3/4" bit.
If you're trying to fit 3/4" plywood into that dado, though, as a
previous poster mentioned, it won't fit tightly. There are undersized
plywood bits available if this is your intention.