I just tried cutting a set in bloodwood entirely with an up-cut bit.
It's a no go, the top was fuzzed up and the little tabs let loose on about half (pretty much useless)
I would say you need up-cut bit for holes then switch to down-cut on profile
The down-cut leaves the top clean and the spoilboard protects the bottom and the small tabs hold fine
*Also, please note! these hinges installed the way I did only allow a little over 200 deg. of movement, which is good for a shallow box, so on a tall box the top will need a stop of some sort