Yes. No good if the furniture is already built though! In that case a coarse tenon saw is the best bet I would have thought, even then it would be difficult in corners.
If you do want the T-section the normal method is to use a router but in the past I have used a Dremel with several cutting discs to set the width of the groove. The problem with using a tenon saw or Dremel is you need to be careful to keep the groove at the right depth otherwise the edging won't be aligned with the wood.
If you are after the original style edging we sell it by the metre on our website http://www.nlavw.com" onclick="window.open(this.href);return false; in the black, grey or white Westfalia supplied originally
If you have the old trim and it has shrunk with age. Remove it and put it in a large pan,tray of boiling water for five mins or so. Stretch fit it back on your furniture, clamp it down then when it's cooled it will be as good as new.