No, three times as much
1. Layout
a. shoulder to shoulder
b. tenon lengths
c. tenon placement (top and bottom)
* d. lay-out "setback"
2. Cutting
a. end of tenon cut (big saw)
b. layout tenon (endgrain)
* c. layout setback (endgrain)
* d. Drop cut setback ((this would be tricky on one side, unless you want to flip the timber, Argh! not anymore than I have to),kerfing too much time)).
e. Drop cut tenon cheeks
* f. cut little shoulders
g. cut real shoulders
Basically disregarding lay-out you would have to make 8 extra saw passes (two ends). one being very trick if you do not want to kerf. One more saw depth set. This is just the quick stick (not the brace)
