I have been using this for years, (see Hazmail post)
http://www.tackleunderground.com/forum/showthread.php?t=10621&page=4
No way would I put my little digits near a router, they do not know the difference between bone and wood and will keep eating.
I only make 2" AND 3" baits but for larger baits, just make a larger sanding wheel, the most you can lose is a bit of skin, which, over the years, I have managed to avoid. pete