SHF, many years ago when I was between high school and the draft, I saw a tool used that was simular to the one you described. I was working for a tire recapping company that recapped auto tires. These were the days of wide ovals, and we made lots of those, but we also made racing slicks and cheater slicks.
One day I was sitting on a stack of tires eating my lunch, and I saw a guy cutting grooves in a pair of slicks. His tool had a sort of loop at the cutting end. I ask him why was he doing this. He said that a customer wanted a pair of slicks with tread. "why not just get the cheaters?" I asked. He shrugged his shoulders and said "he didn't like the design"
Tire carving has been going on for some time, I guess the question is is it worth the trouble?
Ernie