You can get custom-ground bits that would match any LE shape you want. These aren't cheap, but since balsa is neither very hard or very abrasive, they might last a long time. But they have to be very sharp to cut balsa. With a router, I found that if a feather of wood pulled out of the stock and wrapped over the cutting edge, you were kind of done. Any comments or experience Greg has along these lines would be good info.
Not sure if wetting the wood would help, haven't tried it, but would be a worthwhile experiment. Might even stick the wood in the freezer before cutting?
Recall that an awful lot of guys buy a heavy duty plunge router so they can table mount it upside down to mimic a shaper. An actual shaper is a bigger, more powerful and much more expensive machine--which would be total overkill for any modeling task. But the control of having a router table would be very useful. A shaper has a spindle, and the cutters stack onto it. Router bits are generally one piece deals.
Gang-cut LE stock such as is in the Brodak 1/2A kits could be cut by a shaper or horizontal mill or equivalent. Single separate cut LE pieces could be cut by router, though. The setup Greg shows seems logical for a diamond rib notch. For a flat-front rib you'd need more sophisticated setup and cutters. A little curious if Greg gets much (any?) chatter from the wood in his setup. Or if he uses any double-stick tape?
One of the issues with any shaped parts is how straight they are afterwards. Most of the stock is going to bow. You may be able to straighten it, or may be soft enough that you just pull it into line during assembly. Heavier wood is going to be easier to cut, but I would guess more likely to bow. Hobby shops seem to have ancient LE stock that is so bowed that it never sold. It does keep the rack filled up though, just as it has the last twenty or so years....
The Divot