NO NO NO !!!
The machine holding the tool may have changed considerably over the last 50 years but the principle is older than me and probably older than most mayhem members. i used this method a lot during my toolroom apprenticeship

basically -- its a floating tool holder which allows tool movement from side to side as it rotates, the cutter has to have one flute less than the number of sides you are cutting. cutters are straight fluted and only cut on the end,
difficult to explain but when the cutter touches the work piece it tries to move but is prevented from doing so by the template it passes through, one flute then gets stuck in a corner which drags the cutting end round therefore cutting the work piece then the next flute gets stuck in the next corner and so on, it only cuts in a downwards motion,
we used to use them to cut sockets in the heads of special bolts and adjusting screws but by using a six sided template and five flute cutter (which we used to make ourselves as well

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