Hi Guys,
For me, the router and router table can assume many of the roles that were once relegated to a Shopsmith size molder. I guess you can grind matched sets of your own custom cutters (beyond my talents), but if you were into that type of work you would probably want a setup with a cutter width greater than 1”.
That being said, I was introduced to the molder at a SS Traveling Academy session (I wish that I could attend another of those sessions now that I am starting to know what it is that I don't know, if you know what I mean

). I was intrigued enough by the molder operation that I did subsequently pick up a used SS molder head and some knives (as yet untried).
I have read PTWFE Chapter 5 (the new and 1955 versions) and re-watched Nick's sawdust session #15. So looking at molding operations as a total beginner, I have the following observations (with apologies in advance if they are all obvious);
Mounting The Molder Head
You can mount the molder directly to the Mk V quill spindle, using the molder head's set screw, or on an arbor as shown in the 1955 PTWFE version and mentioned in my molder's instruction booklet. However, if you mount it directly on the spindle, you will not be able to use your 510/520 lower guard for safety and dust collection. (This may be true for the 500 lower guard as well.)
To use the lower guard you must mount the molder head on a molder arbor
including a narrow spacer placed on the shaft before the molder head to provide clearance from the left side if the lower guard. Note: The direct mounting of the molder head on the spindle is not indicated as an option in the newer edition of PTWFE. My guess is because of the saw guard configuration issue.
So, assuming that you are mounting the molder on an arbor, I guess you should keep an eye on the set screw that would be used for direct mounting to make sure it doesn't work its way out over time and become a problem. Just another quick step to add to your SOP when mounting the cutters. The set screw is fairly large so I don't know if removing it would significantly affect the balance of the molder head?
Lastly, I noticed that there is a top and bottom to the molder/dado arbor hex nut (I guess I should have realized this before

).
Auxiliary (Extension) Fences
Unless you are working with the full profile of the cutter and making your cuts in from the edge of the board, you pretty much have to build an auxiliary fence to use with the molder. One general thing that I have noted thus far in reading thru the PTWFE is that you need to take the jigs and fences shown in the book as just a “basic idea starting point” from which you can develop your own jig or fence. Lengths, widths, mounting hardware may all vary depending on your Mk V's table and fence set up.
No thickness dimension is given for the extension fence shown in Fig 5-10, but it appears to me that it needs to be thicker than the undersized 3/4” plywood or piece of 1x8 that I might typically use. I think a minimum 1” thickness would be advisable as there are several cutters where you may need to cover 3/4 of the width of the 1” cutters to get the partial profile that you need.
As indicated in Fig 5-10, you can counterbore for the mounting bolt holes on both sides of the extension fence and be able to mount it on either side of the rip fence; but not use it equally well. You would need to build it thick enough to allow the slots to be cut on both sides while maintaining sufficient strength, or simply come up with another method to clamp the feather boards in place on the “slot-less” side.
I am now in the process of building my aux fence in anticipation of trying some practice molding operations. There has been some good discussions on the molder and I have enjoyed reading it all. I am adding the stop collar to my molder SOP now for two reasons - repeative cuts (Nick) and extra safety (Ed).
Based on what I've watched and read on the molder, I do believe that you really do need an SOP, maybe even a written checklist, to follow when using the molder.
Best Regards to All,
Dennis