I'd go with a standard straight edges (2) router bit carbide tipped with a high RPM. I normaly don't really like down cut but in this case it might worth a test... Compression would be very good too but you would be required to groove your spoilboard first to cutter deeper since the shorter upcut compressin that I'm aware of is 1/4" (that mean 3/16" deep grooved spoilboard to benefit the compression cut); but this tool bit would give you a two side clean cut (less second operation). The latest tend to be quite expen$ive though...
All of 'em, I would keep with no larger a CED than 1/8"; you would still be feeding it fast.
With a such material, I'd suggest (and insist) on a vacuum hold down.
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