I use a shaper for my raised panels
but I employ the technique that Keith described. My panel raiser is about 5" in diameter and includes a back cutter because I use .8" thick material for my door parts. I have a shaper that is dedicated to this tool. The stationary fence mount is located at the point where the last cut is made without any spacers between it and the fence and the height of the too is set. I then install a stack (4) of .25" thick spacers on each side to begin the process. Run all the panels through and remove a spacer. Repeat till last cut is accomplished without spacers. One thing to note whether you use a shaper or router, do the cross grain cuts first and deburr the edge before moving on to the rip (with the grain) cuts. My process steps are: Cross grain cuts on both ends of all the panels. Deburr the edges and then do the rip cuts on all the panels at each stage. On the last stage, after all the spacers have been removed, I cut the cross grain and deburr. Then I cut all 4 sides (yess I recut the cross grain ends) to complete the process.
Ed