I don't have a MFK700; but the trick about using the guide rod is nifty. Fastcap makes a little lipper; which allows you to do something very similar for trimming edge banding, but you do need to drill your router base to accept it.
I have been using the Domino tip for years but not for the tip purpose. I have always pulled the fence all the way up because it moves the handle further out for a better hold down grip.