I used a bandsaw, a Rikon 10-325, with a 1/2" Woodslicer blade. Rikon sells a bearing upgrade kit and I have that. The upgrade makes it similar to the current 10-326 model. I spent a lot of time on getting the setup right. My planking stock was from Chesapeake Light Craft, S4S, slightly thicker than 3/4", 4" wide. I was able to rip at 6/32" with a 2/32" kerf and get 4 planks out of each piece. The cut quality was excellent, so a little handplaning and each piece was usable. The bandsaw isn't quite as easy to use as a table saw. The blade can deflect and get off track for lots of reasons. I felt lucky to get it to work that well.
A table saw should work. I don't think I'd want to set the fence 5/23" away from the blade and blade height at 3" - a thin piece like that trapped between blade and fence can be trouble and hard to control. If you can, start with stock thicker than 4/4, and leave a thick scrap on the fence side. I'd consider cutting at 1 3/8" blade height, then flipping end-for-end, handsawing the web in the center and planing it flat.