Yes-The geometry of a down-cutting wood bit is pretty close to a metal cutting bit and as far as it goes if you want to stick to downcutters you can get some very good endmills at decent prices. It's when you start getting into maximizing both the quality and speed of cutting hardwoods, mdf, plywood, melamine, etc. that you start realizing that in some cases more sophisticated bit geometry that is tailored to the particular use is a desirable investment. Do some of the research suggested, do some cutting, and decide if you are happy with the results. If you need more help, come on back with details of the project and you will get it.
As a starter, for Shop-bots, when it comes to bits for wood the 2 flutes are typically the right selection.
Reading the following doc by Steve Glassel may give you some help too:

https://docs.google.com/open?id=0B8G...01lYmNrWW5CVUU