Stew, I think that would work - might be harder to manipulate than a slitting gauge, but for long pieces especially, it would have a tendency to wander less with the grain. Something I thought of while playing with the pieces of the Stanley 55 I wrote about is that you could take that impressive slitting blade (same on the 45 and 55) and mount it on a custom-made slitting gauge or panel gauge, which may be more versatile than holding the plane.
It seems that Don's original need was for something other than a sliced line, so he could see it better, so he used the 1/16 blade to make a groove. I have made much narrower grooves by hand with a Tamiya "modeler's scribing tool" when marking irregular surfaces like antler and bone- it has a hooked blade that works like a tiny plow blade (you pull the scribe towards you and it cuts on the hooked end:
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I've thought of making a marking or panel gauge with a blade shaped like this made out of old saw plate - maybe one of us could make a similar blade to fit the 45/55 slitter position if we had the same need as Don for a more-visible line. Beats trying to make a 1/16 or 1/32 blade for the 45. it could also be used for making grooves for stringing - if it followed the edge.
Karl