I am building 8 four chamber bat houses and using 11/32 exterior grade plywood for the baffles. To kerf the baffles I stacked two old steel saw blades using a 1/2 spacer I made from a fence board. To make the spacer, I cut 1.5 plug with my hole saw and then bored a 5/8 hole in the middle to fit the arbor. These were mounted on my radial arm saw. You can use 5/8 washers if you have them on hand and stack to get the space you want.
With this set up I get two kerfs with each pass. When I did a pass I would pass through, reverse the ends, flip the piece and repeat the process. Worked toward the middle since I was reversing the ends. Since I had 24 baffles and the inside of fronts and backs, I would run them all through and move the saw head out one inch using the guide on the arm. Lots of sawdust.
As stated, I used some old steel blades and found that one was smaller than the other making one kerf a little deeper. Guess it had been sharpened a few times. If I were to do this again, I believe I would buy new plywood blades.

Photo of set up.

This photo shows me running a baffle through.

baffle with kerfs