I finally found a 5/16" round nose bit for a router. It's made by Dimar. You'll have to find a commercial supplier, not general retailer. Check with small millwork or cabinet shops, or commercial sharpening services.
Depending on your woodworking skills, some sort of a template guide would be your best bet to be sure you get the cut you need. If you haven't done this before, practice on scrap or do as the hand-work guys suggest. :wink:
Paul