Some of the little mills I was suggesting come with rotary tables that let you carve on more than one side of your workpiece without refixturing. But if you needed to carve on the ends, then you'd have to figure out a way to reach them with your tool.
If casting is a viable way to produce these parts, then yes, it's usually cost-effective to make the master by CNC and then to cast the production parts. But you said you wanted to make these pieces in wood. If you're making a master for molding, there are other materials to use which don't have the same problems that wood does, like grain direction, irregularities, tear-out, and porosity.
Andrew Werby
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