You may find the straight cut bit groove a bit rough, my spiral bit left a rough finish (but it is dull) but for a trial I don't see any issue. A straight cut bit can also do the tongue but I would use a bigger one, only because I would make the groove 1/4-3/8 deep and a quarter inch bit wouldn't work in one pass unless you go a little under 1/4. But for a visual test that should work. For a real door, I would want 3/8 depth or more.
Why not use 1/4" BB instead of the 1/2"? Then you could cut tenon the same size as thickness of panel. On drawer fronts, since most likely they are false fronts, place a shim between drawer front and box where handle goes. Instead of 1/2" BB, look at 1/2" birch plywood. Save you a bunch of money, plus a lot of sanding.