It may not suit what you are wishing to do, but see my
Circle/Purfling Cutter Tutorial. I recently used it to cut my binding edges and mark my purfling channels. It does not remove the part where you have to use a chisel to remove the waste, though. I don't know of any hand cutters that do the whole job. If you think this is what you are interested in making, I have made a couple of modifications that might be of interest to you. One is the
scraper type blade that I posted within the last week. Look up that thread. If you want to see how it works, see my thread on
Cutting for Bindings and Purflings - Waddy's First Guitar.