I've been looking around and trying to search this out and I think I've found what I'm looking for. I'll be looking this over to see how well it match's my needs.
https://cambamcnc.com/forum/index.php?topic=3093.0 Also, As I've been thinking about this problem I'm realizing that the tool wouldn't need to be following an elliptical path but really any path. That is to say that if I were to make an octagon and create a polyline out of 4 of the sides and another polyline out of the remaining 4 sides. Then I'd want an MOP that allowed me to ramp down to the end of the polyline in profile1 then be able to ramp back up to the end of profile2 and so on.
UUGH! three hours later and not the answer.