I did my first MFT style assembly table with a Freud 20mm router bit, but it was a multi-step process.
I had a 1/4" mdf template made on the CNC. It was a full 4' x 8' sheet, so there was no moving of the template during use. The template had 1" holes, so I could do it with a bushing. I did it with two different bits, first with a 1/2" shank, 1/2" diameter plunge bit. Then a second time with the Freud 20mm bit, which was only 1/4" shank.
This was all done to a 1 1/8" thick sheet of mdf, not thinking about the clamps. It worked fine with the dogs, but the clamps wouldn't go through. Then I had to turn the sheet over and use a 45 degree chamfer bit to relieve the back, so the clamps would fit too.
All in all, it took 3 cuts for each of 275 holes. The Dewalt DW618 router that I had at the time had the best dust collection ability of anything I owned, so it did the job. I took me two evenings, after work, but it was the only one I had ever seen at that time (2014)
The one I have now was done with the Parf guide system. It has even more holes, but was done with more normal 3/4" mdf. I actually liked the thicker sheet better, but it's not worth the work it took.