The proper tool in a production environment would be a broach, in a jig.
A vertical shaper, or Keyway shaper would be useful in a semi production setting, but these are very uncommon in sizes a home shop guy is like to own.
A shaper, with the correct tooling would be a very good way of going about such a hole, though shapers are not all that common, and those with the skills needed are less so.
I have a small bench top shaper, and am just beginning to get familiar enough with it's use, to get reasonable results from it.
I would think that a hand shaper would be quite appropriate for a job such as this, as well, and would allow that time for considered thought to interfere with ones desire to speed things along.
Hogging out most of the material on a mill or even a drill press would make much sense, from a time perspective, and for all the methods mentioned so far, it would be a requirement, as they all require some form of hole to start.
Same for the band saw.
My explanation for the band saw was not so much to say that it was the best choice, just that it was possible, and in some cases a routine method, of clearing out the insides of closed geometry on parts that would require further work (or possibly not). The shop I work in, has two very large band saws with welders on them, one has a hydraulic feed on the table and the accouterments required to hold the work in place, to do heavy stock removal and profile roughing without having to resort to milling off large quantities of chips at a slow rate of speed.
A Die Filer would also be a decent tool, but slow. Easy enough to use, if on can keep from getting bored, and can keep from trying to speed things along by pushing the work too hard into the tool, which would cause a great deal of flex, and a resultant crooked mortise.
Even hand filing, which almost seems a lost art these days, can achieve really amazing results, if carried out with patience. If one is patient with hand filing, one eventually becomes quite skilled at removing metal where and how one wishes. I have seen some amazing work done with files.
The best way, is the one that you can get the results you require with, and have access to.
Cheers
Trev