Steve has a lot more experience than I do, BUT I think the spindle speed on a standard “Bridgeport “type mill would be too slow for wood. Yes it will cut, but you will get a lot of splintering. Think most wood routers have spindle speeds in the 10-20,000 RPM range, the highest speed on my Bridgeports is 2700 RPM.

The other issue would be indexing correctly; I have seen blanks where the upper and lower tang cuts were .050 off.
If making quality blanks were easy, everyone would be doing it .