I have a lock miter bit that I have used just once. I found setting up the bit to be time consuming and tedious.
But this video makes it seem easy to set up, so I am going to try it again. Once the set up is done, the bit does both the miter and the joining. Much faster and the 45 angle is always the same.
The lock miter bit has to be exactly situated both up-down and front-back (relative to the fence), and the setup is specific to the stock thickness. Making an adjustment in one axis will affect the other because the cutter face is at 45deg to both.
Having setup blocks that match your stock and bit is clearly the best way to go. And once you have a good setup, it’s trivial to make setup blocks so that you can repeat the setup.
The tricky situation occurs when you don’t have a setup block, ie, first time around.
This video does not explain *at all* how to identify which of the four possible motions are needed to fix an errant setup.
Some years I wanted to try the lock miter and could not find a decent how-to anywhere, nor could I find pre-made setup blocks for the stock I had. I spent a long time adjusting the setup; it was very frustrating.
In the end I found a device made by Prazi called the Groove Center which makes first-time setup much easier.