If the plan is to mill the louver shapes into the MDF and make the entire piece out of a single panel, then I can't think of any tool shape that would generate that shape in the MDF. Maybe it could be done if you have an articulating spindle. Would it be better to make stiles and rails then mill slots for the the slats in the stiles? I had some bi-fold doors that were made that way. Much more labor intensive, but I can't think of a way to do it working in only 3 axis.