Yes that's a great jig. I have used that method also. One thing I might add is a way to set the cut of the diameter of the tenon you are routing.
Before you make the cut, install a 3/4 in router bit, or one the same size as the dowel you are working with in the router. Place the block over the bit so that the bit is inside the block hole. Now scribe a line on the fence and across the top of the block. You now have a reference to measure from and adjust the cut.
Remove the 3/4 in bit and Install the 1/4 inch bit, off-set the two scribed lines by 1/2 of the depth of the cut into the dowell (remember that you will rotate the dowell during the cut and remove wood from both sides, so you only go 1/2 the distance), and make your cut.
If you measure carefully you should be right on the first time.
What-ya think, worth the extra effort? Might be easier just to sneak up on it.