yes it could be done with the parallel guides. I'll leave that for someone else to better explain.
if you have the full MFT/3, it works quite nicely.
the guide rail alone works nicely as well. I have used it on plywood to rout all my side panels at once, then ripped for width, that way I had matching alignments.
with the festool system there are NUMEROUS ways to do it depending on what you have for gear.