'Legger,
I find the trick is to make less work of it to start with. If I am doing a solid block wingtip, I split it horizontally before I start. Either buy two thinner blocks to make up a tip, or resaw the one you have, assuming the loss of material still leaves enough to match the wing thickness. Lap-sand the pieces and tack glue back together.
I like to carve away as much as possible since that does not generate clouds of dust and is kind of peaceful. You get to sit on a comfy shop stool, listen to the radio (since the Dremel is not howling) and watch the shape emerge. For the outsides, I start by cutting the profile in two directions on either the band saw or the scroll saw. Next comes the rounding. I like the Xacto #226 blade. I find I can keep sharpening it well enough almost indefinitely, using a piece of 600 or so wet and dry SiC paper on a flat surface. Get the technique right and it works fine. That has proved better for me than a fine grit stone (which is ok) or a diamond "stone" that turned out to be too coarse.
To do the inside, I mark the hollowing limit lines an 1/8" or so from the now completed outside, and cut the chord between the two using the Xacto #226. I use their chisel tip blade all the time for other tasks, but for wingtips, I would switch now to the Xacto sanding drum. If it is a big wingtip, I might tack glue the outside to a block so that I can clamp the block in a little drill press vise. That gives me two hands to work with, which can make a lot of difference in control. Unless the internal radius gets pretty sharp, like down in a corner, I find the coarse grit sanding drum to make faster work and is more controllable than any of the burrs. I had tried a lot of burrs and use them often, but not my first choice for wingtip work.
The Dremel I have is the earliest one with phenolic housing--and no speed control. That may make a difference with what other guys are finding works for them.
As far as safety, which has been mentioned twice so far in this thread, I would not trust myself with any kind of burr mounted in a drill press and hand-held work. Maybe some have managed to do this, but it seems far more dangerous than a simple carving tool like an Xacto.
Hope this give some info on one method to consider. I gotta get back to sanding the primer on a Legacy.....
Dave
http://xacto.com/products/cutting-solutions/blades/detail/X226