I don't see why not - if you get the bit approx centered with respect to the piece that is to have the slot, and then ran the bit through the wood twice (once from each side) this would give you a perfectly centered slot.
It's then just a case of machining the tongue to fit (which would probably be more tricky, but through trial and error you could get it right.
My recommendation would be to mount the bit in a router table.
Scrub that last bit - if you mount the bit in the router table, you could use the machined slot to visually set the required height of the bit for the tongue. It's then just a case of running the wood through once on each side.
Oops - my response was based on my personal experience with the Trend cutter set - which has a single cutter.
Having just looked at the Perform cutters, it seems that the twin cutters are there as a convenience for cutting two slots at once for extra strength.
My method is based on having a single cutter - but this should be possible with the Perform set - just remove the top-most cutter. Of course, having established the cuts for the tonge you may need to remove additional waste above/below the tongue by lowering the cutter in the table and taking a second pass (hope that makes sense).