Steve Voigt
Wiley, I'm late to the party, but for future reference...do you own a bench grinder? If so, a narrow (1/8 or 3/16) wheel is preferable, by far, to using a little cone on a dremel or drill motor. A cheap diamond dressing bar can be used to shape the wheel to whatever radius you need.

Norton makes pricey narrow wheels, but a much cheaper option is a chainsaw grinding wheel.I buy the Timber Tuff (LOL) wheels at tractor supply for about $14. You'll need an adapter; I use the backing flange from a 4-1/2" angle grinder (about $4 if you don't have one) to go from the 7/8 wheel to my 5/8 grinder shaft.

Regarding making the molding profile, if you haven't checked out Matt Bickford's book, I recommend it. The majority of it is about how to rough out moldings like yours with rabbets and chamfers.