Custom braised or insert tooling are in widespread use by CNC shops around the country and the world.
For Example http://www.vexorcwt.com/
[I am in no way affiliated with or have used this vendor for tooling. I have just found them with a quick google search for an example]
It would be great to bring in custom tools represented by any geometry, preferably 3D models or 2D sketches, where a profile edge can be indicated as the cutting edge, the revolutions axis can be mentioned in the definition. The tool should have all of the heights parameterized as necessary to define and propagate NC code.
As an important note to the reader, currently, we can get by with using any odd tool definition to be able to produce accurate and reliable NC code, all without true simulation, with no resemblance to the tool it actually intends to represent, where it's true definition is contained in the description and certainly not the thumbnail.
With Regards,
Matt Harrison | MSH