Well, um, no. I don't think it would be all that great for shaping the edges of S&G panels. The itty bitty hand plane I have is the best tool I've found for this job. About 3" long.

The plane that you showed reminds me a lot of one my grandfather has. It was made to create fluiting and such before routers. It works the same way as the one you showed, but is capable of holding multiple blades, of which he has a bunch. By changing the blades, repositioning them and adjusting depths, you can create all kinds of shapes. I've seen planes like this still being sold by high end woodworking companies, and I see them at old tool flea markets.