Whether you use a fluting path or a moulding path, you have same issue at the bottom of the part if you use a ballnose to make it. See the picture. The circle represents the tip of the bit. There's a little curve at the bottom where the bit meets the table.
You can either stop at the bottom of the part, and then run a profile path to cut off the little curve at the bottom, or you can continue down into the table a little less than the radius of the bit. Option A leaves a little flat to be sanded off. Option B cuts into the table. Pick your poison. To implement Option B, you would make your profile vector for the moulding toolpath a little larger (increase both width and depth proportionally). If the toolpath starts at the top of the material block, then it will then automatically go a little deeper as it's cutting.
Between the 2 options (moulding and fluting) I find the moulding toolpath to be easier to set up and use, but that's me. I know a lot of people have used the fluting approach for a long time and it works for them.
Edit: One more point. However you cut this, you are going to need a fairly long bit. The profile on the edge of this piece is 7/16" wide, so your collet is likely to hit on the top if your bit is too short.
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