I know this is generally not a good thing and doesn't work for hogging away material. But I am wondering what if you make a mortise in the conventional way, drilling a bunch of holes with a brad point bit. What if instead of using a chisel to clean up the mortise you instead use a straight router bit in the drill press and just moved the workpiece back and forth against your drill press table fence (I assume you have one, I do).
That way you'd have a lot less material to remove, maybe it could work, maybe it won't? I have no router so I cannot test it unless I go and buy a bit, I'll be making some mortise and tenons soon though and I was consdering ways to speed it up.