So to mill a female picatinny rail without any special cutters, first orient your part like so and use a flat endmill to hog out the main channel.
Then in a V block or angle block or whatever method you have, tilt the part 45 degrees and mill with an 1/8" endmill like this:
Depending on your style of mount you might flip the part and repeat the process on the other side, or you might be making a separate clamping piece, etc.
On a cutter, here's what I've got. The intent here was to hog out with a straight endmill like shown above and then follow up with this tool, which is slightly undersize with 2 passes to get final geometry done.
Don't rely on my dimensions if you want a cutter like that, go to someone like Harvey Tool or whomever, give them a print of the rail geometry you want to cut and just ask them to quote you a tool that will cut that geometry with X shank size.