I can get by building an entire guitar with 1/2. I only use other bits when I need to achieve historical accuracy, or for things like the body round over, and control cavity recess for the cover.
I would also not buy router bits from Stewmac, being in Canada.
I get all of mine through Marson Equipment, CMT brand, or though Lee Valley. Don;t cheap out on bits, as the tolerances between the bearing and cutting edge will not be true on cheaper bits, leaving a mean ridge to deal with.
The other thing I would get is a bushing set (Also through Lee Valley, or any tool place). I use a 5/8 outside diameter bushing and 1/2 bit almost for everything thing pickups, tenon and cavity wise. You can climb cut well with bushing bits; you do need to make templates that accommodate the gap when using the bushing though. It's just math.

I would also not use that template linked from Stewmac for anything other than making a thicker template.
And practice on scrap, lots and lots and lots.

 

You need a bit with its radius smaller than any inside radius that you intend to cut. Use the largest that you can.

 

Thanks for the tips, quite helpful. I will look into those bushing bits

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Have you bought the bits yet? 1/2" template bits will do for a standard tele. You really only need a 3/8" diameter bit for routing the corners of a humbucker.

You mention you already have the templates, so using bushings will require modofication. You will need a couple different lengths though - one either 1/2" or 5/8" long and another 1" long. (1" is too deep for the initial cuts, you would need to plunge in way too far for the bearing to connect with the template). The other option is to use a 1" long bit and stack multiple templates, which is a lot more work in my opinion relative to the cost of the bits. Freud makes good ones - they have a 5/8 diameter, 5/8" long that does well for the initial cut, followed by a 1/2" diameter, 1" long for subsequent cuts. Once you run out of depth, remove the template and use the cavity as the template to keep going deeper.

You also will need a bit for the circumference of the body. You will find a lot of varying opinions on the internet about this, but in my experience the best setup is a 2" up cut spiral bit in a router table. This bit usually runs about $150 and worth every penny.

 

I do all my template cutting with a 1/2" bit. They give me a much more secure feeling than a long 1/4" or 3/8" bit.

 

Lincolns correct, those smaller bits are dangerous.

If your using a table top router, a bearing on the bottom is much nicer.

When cutting your blank with a band saw, the closer you can stay to your line, the better.