Making multiple passes to get to the final profile is one of the reasons I prefer my shaper to doing this with a router. I find it difficult to make multiple passes without getting the profile out of wack somewhere along the line when feeding the stock...unless you have a stock feeder on your router table which in my experience most people don't. I can cut this in one pass on the shaper with no issues and get a very good resulting profile. Of course with the individual cutters on the shaper it is easier to shim for exact fit too, whether coping or sticking. Slipping in the collet was another problem that I encountered when trying to do cope and stick with a router back in the '80s. I think this is much less of a problem now as the collets seem to be much better designed, but cranking down that large washer and nut on the shaper spindle always makes me feel better than wondering in the back of my mind if a router bit is going to slip in the collet.
Too bad the shaper is not embraced by more people on the hobby side of our craft.
1 3/8" bit seems a little small to me for handheld maximum but it also depends on the profile of the bit and the hardness of the wood too I guess.
Best,
Todd