You could also use individual boards by cutting a rabbit on bottom underside of each board. Then using the fastener of choice attach each board on the vertical to your wall with the requires spacing to fit you hanging hardware.
Thanks so much for providing all the information one could ask for. Except, yanno, THE SIZE OF THE BITS! I can find a dozen different depth and thickness and groove size and kerf size combinations. But hey: at least my certain that whatever the size is, it's 3" on center.
So what is the advantages of using the larger bit? Why is the hardware that requires the larger bit any better than the industry standard smaller slot hardware? I think I'd rather go with the industry standard if it's a stronger system.
Complains about length of ad and yet takes the time to comment....You might be the type that shouldn't be allowed around power tools in the first place.