This is my first attempt anything like this; I've ordered a router and table just for this project. Using 3/4" stock and looking at bit set 49680 or 49682 will I have the room on the stiles and rails to make the rabbet cut for my panels? I'm not sure how to read the measurements for the bits. A quick answer would be greatly appreciated so I can get started.
Wainscot is a good "first woodworking project" to get you introduced to the tools and the various cuts. You mentioned that you have purchased a router but no mention of a router table. There are many good ones on the market; I prefer one with a lift because it makes accurate set-ups much faster and easier. Setting up the router carefully is the key and using a test piece is essential to good results.
To make the wainscot in the article I used Amana Tool Wainscot set no.49684. To create the chair rail I used no.54266. The panel was shaped with toolno.54117