Hi Rob,
I'm assuming this will be in the frame, not the vent/sash? If so, you won't get a router in there, that's for sure!
In this situation, i'd drill a series of holes and chisel the waste away. You get internal and external covers for these trickle vents, so if its a bit rough, it won't show.
Ideally drilling from both sides minimises breakout, but having to climb up and down a ladder for a vent is a bit time consuming. I'd consider screwing a batten on the outside where the vent is going to be so that as you drill, the breakout is prevented, leave it there as you chisel the waste away from the inside, then remove and screw on the cover.
hope this helps.
Andy