I am not sure that is really any faster than what I do, which is the 18thC equivalent. First off, I finish the lock, including engraving and tuning, and inlet it whole. I use a depth gauge(made by our very own David Crisalli) and drill holes (with an 18th C brace and spur bits) to depth for the sear bar, all the screws, main spring, tumbler and bridle. The rest is done with chisels. Wallace Gusler once made fun of me for doing it this way, but it works for me. I take it, he just uses a gouge, but he never actually showed me how he did it. My problem with electric rotary tools (and I do use them for some things) is that they can get away from your very fast, and like someone else said, ruin a stock.
If you wanted to do this the completely modern way, to perfection; a numerically controlled router would be just the ticket.