Carpentry and Woodworking - easiest/cheapest/best set up for rail/stile doors

I'm new at woodworking and need to make a rail and stile beadboard panel door for a bathroom nook and two rail and stile glass doors for top of closet storage. I will likely do some other cabinent work (doors for a full wall cabinent, a bench seat, etc.) eventually. My questions is: what is the best way make these (assuming I don't want a 90 deg on the interior front of the rails and stiles)?

I have a belt-driven table saw, a 1/4" collet router table, drill, circular saw, jig saw, and biscuit cutter. Here are the strategies I've come up with:

- buying a marking guage, making a tenon jig for my tablesaw, and cutting open mortise and tenon joints (I guess I could also get a backsaw and a chisel and cut closed mortise and tenon joints as well). I can then rabbet out the interior, drop in the glass or panel, and nail in mitred quarter round to hold it in, right? I think this is the cheapest route.

- buying a molding head for my tablesaw. I've heard that these will work, but that they are dangerous. This will run me about $100 at Sears.

- laying out the money for a 1/2" collet router. I bought 1/2" raised panel bit set from Harbor Freight before I realized the wouldn't fit. I have a Craftsman small router table, so maybe I could get a Craftman 1/2" collet that would fit?

Any other ideas? I want to get these projects done without breaking the bank, but also don't want to waste any more money.

Thought?

"Easiest, quickest or best"???
I'm afraid you can only pick one of those at a time. :D

If you can get a 1/2" collet for your current router it might work but keep in mind that if working with hardwood, the rail and stile bit take a fair bit of power.
If your router can't keep up you will be burning wood which in turn will dull a costly bit.
I have a project in the works like yours but rather than replace my perfectly good 1/4" collet router I went with a small Delta shaper that on sale was about the same price as a good 1/2" collet router.

I would suggest that if you wanted to make these doors for a reasonable cost and you don't need a machined profile using your table saw as you suggested might be the way to go.
If you didn't want 90 deg on the inside edge a 45 deg edge on the inside might look ok.

I make rail and stile doors with a 1/4" shank bit set I got from Pricecutter:

http://pricecutter.com/product.asp_Q_pn_E_P15-3825_A_cn_E_222190

Works very well.

Great info on both accounts, thanks.

The best thing about woodworking is that there are always a thousand ways to do everything...and the worst thing is that there are always a thousand ways...