First, if cutting from the end of the rail, the required depth of cut is only 1-1/8". No problem for a saw blade.
As for the router approach, I checked out that end-mill store web site. After filtering the diameters down to 3/32" only, the longest non-tapered flute length I could find was 3/8". But the shanks are 1/8" diameter, so you can't go much deeper by doing multiple passes.
Personally, I'd do it on a RAS. Because then you slot the endgrain by moving the blade, instead of that long bedrail. And because I've got 'em.