I believe that the Rest Machine option performs a comparison between your model and what you have machined. So I guess my answer would be 'no'. You could make a profile 'path' for the 3/16" cutter, one for the 1/8" cutter and finally one for the 1/16" cutter or any combination. I believe this would essentially give you the result of rest machining. Remember, if your pocket is deep there may be a clearance issue for your cutter.