I've been meaning to do an update on this...
Good news, Bad news.
Goos news,
It does work pretty well. It requires some trimming and fine tuning, as described above, but if you don't have a shaper or router it works OK.
Bad news,
Unless you have a source for cheap molding it can be expensive (especially on a large project like I'm doing. At better than $1.50 a foot and the fact I would need like 40 feet per drawer (x5 drawers

) it is cheaper to get a core box bit and heavy duty router (which I did

) and make my trays from 2x6 and 2x8 (which I have pleanty of scraps to use).
Ranman