Spiral Flush Trim Router Bit 1/4 Shank, Carbide Head 3-Flute, 1/2" Diameter, 1/2" Cutting Length, Pattern Template Flush Trim Cut Router Bit, for Grooves, Bottom Cleaning, Wood Trimming

If I may make a recommendation... You could use a 1" wide by 4" tall single piece of wood and attach a 1" piece of flat stock steel facing down towards the counter and magnetic hooks. Drill a series of countersunk screws, then grind them flush. This will allow you to use various sizes of hooks on the magnet bases and adjust their position at any time in the future based on pan size. I did this exact thing up above my sink so I can hook hot dripping pans out of the way to drain and cool over the sink as well as use neodymium magnets to stick other things to dry. Also, this is the template bit I use for that work: https://a.co/d/08hCRMMW