I have never tried anything like this it looks very interesting.
The problem is thinking about cutting it with the flat sides down flat against the table, I don't think that could ever be done. To make this pattern, it appears to me that if you made a sled to rotate the blank to a 45 degree position it would be fairly simply from there. Rather than having the flat sides on the table of your saw you would have a corner of the blank down toward it. All you would need to do then is cut as you would a normal scallop. It may be necessary to drill the hole in the center of the blank because you may not reach the center with this cutting process.
I hope this makes sense. I'll see if I can do this when I get home this evening and post a pic to show.