The biggest problem is that the clapper box must be secured, so there is no relieving the tool on the return stroke. Also I note that Abom is cutting on the bottom of the hole, when established practice is to do the cutting on the top so that the lost motion of the slide cannot allow the cutter to hog in or drop. My keyways these days are either done with broaches or my 6" P&W vertical shaper, it is equipped with a clapper box to work in the vertical plane. As to tool grinding, I use minimal clearances and some back rake, the same as with slotting tools. As you can see, I like shapers too, having owned 3 of them, including the one that I have now, a 20-24 Gould & Eberhardt universal from 1957, I do not imagine that very many were built after that time, and yes they are fun to watch, as is most any machine tool.