I have a set just like this, except each cutter has a red handle attached. I think it is a Great Planes product. I won it in a raffle. Prior to that, I was just cutting slots with an exacto knife.

They have worked fine for me. Not as easy as the motorized tool, of course, but better than free-handing it with an Exacto.

Edit:

My mistake. It is also a Dubro set, just with handles included for an extra $6.

http://www3.towerhobbies.com/cgi-bin...?&I=LXE230&P=0