I have fluted slab points. I posted one in the flute thread recently with some process pics.
1/8" is mighty thin but you may be able to do some folsom type points about 5/8" wide, maybe 3/4".
3/8" slabs are perfect for pressure flaking a preform to be fluted. Take short flakes on the first pass all the way around on both sides to get convexity started, then continue passes all around both sides until the edges are thin enough to do a zig zag finish pass to get rid of the remaining square edge.
Then flute it, flip it, and flute it again, clean up the end and give it to your friend.
P.S.
I've even left an island of saw marks in the mid section of thin slabs just to have all the thickness possible in that area, like convexity with a flat spot.