Excellent points, Todd. The last time I wanted to make a large quantity of 7/8 inch thick T&G boards was nearly 30 years ago. I started with rough red oak purchased green at a sawmill, and made "Ranch Plank" style flooring for my former house. At that time I owned a 12" Belsaw Planer/Molder which was much like the Woodmaster machines sold today. After planing and ripping the boards, the molding function worked very well to complete the job. I concluded that machine worked better as a molder than as a planer. I no longer have that machine.
So ... when I have had need for T&G boards, e.g. thin ones to use to make loose board panels captured within a glued up wooden frame, I resawed the boards using a bandsaw, then planed them, then cut the T&G on a table saw or router table. I used such "slats" for the panels of a desk and bed for my son.
There are vendors who offer matched T&G sets of router bits. The advantage of a matched set is that setup may be easier. Sommerfeld matches the shank lengths of his matched router bit sets so that you can simply drop them into the router collet (into which you have previously installed a little rubber grommet), tighten the collet, and go to work without readjusting the bit height. I have Sommerfeld's "offset" T&G cabinet maker router bit sets, and they work as advertised. I don't know if he offers a "centered" system.
Dave R.