I made a similar tool using a short length (12") of 2 x 4 and tilting my table saw blade to 45 degrees and lowering the blade to 3/4". I set the fence for the appropriate distance and cut a groove down the center by ripping first one way and then the other to form a "V". Works great and I have enough edge space to use a clamp or two on the drill press table if needed.
Rog