Here is the finished product. I had the matte and mounting done professionally, but I did save substantially in the cost by providing the finished frame.

I started by gluing up 3/8 inch walnut to a 3/4 inch red oak base. This works best if you have a single chunk of stock long enough for the entire frame. After cutting apart, mark the adjacent edges so you can assemble the frame in the same order.

Cut a dado for the accent wood. I used maple stock 5/16 inch wide and 1/4 inch thick.

Here is a SketchUp diagram of the profile I created. Cut a 1/4 inch wide dado, 1/2 inch deep to accommodate the glass, picture, matting, and back. Then I used my router table to cut the small 45 deg chamfer above it.

I cut the final profile, the 33 deg long cut on the table saw, then cleaned it up using fence with my disc sander.

I cut the miter 45 deg angles with my miter saw. The frame was sized to allow a 2 inch matt all round the picture. I then used two framing squares to keep the sides square. I put wax paper under the corners and spread marine epoxy on the joints. Spring clamps were used to keep the pieces aligned while the epoxy cured. I also weighted the sides with lead weights to keep all the pieces down flat.

After cleaning up the epoxy squeeze out with a sharp chisel and doing some touch up sanding, I finished the frame with Watco Natural Danish Oil. I think the oak, walnut, and maple really provide a pleasant contrast.