I'm going to be helping a (non-woodworking) friend make a picture frame tomorrow. I recently got a planer/molder and since my wife is an artist I expect to be making a lot of nice, large frames in the future.

Assume frames will be made out of hardwood 3" wide and 3' x 4' in size.

Should I:
#1 Spend some time setting up my Porter Cable compound miter saw to cut very exact 45* angles?
or
#2 Build a mitre sled for my Powermatic 66 tablesaw?
or
#3 something else?