I don' t have a lot of power tools, but I do own a dremel. I think it shouldn't be that hard to clamp it, build a guide and 'rout' the groove myself, like the other poster suggested. I'll give a shot, if it doesn't work out, I can always try something else. The money by itself isn't a deal-breaker, I'm not looking to make a profit, but I'm in for the fun of restoring.

Why would you take solid stock exactly, for the water that could get trapped otherwise?

It'll be interesting to see if the demel can actually help restoring a blade. So far, it's has done more bad than good.