New in HSMWorks 2011 R3.
Custom shaped milling tools in HSMWorks are collectively know as Form Mill tools, and can be created from a sketch or revolved solid saved in a separate SolidWorks part file.
To create a form mill tool, follow these steps:

A revolved boss/base feature in a SolidWorks part, suitable for creating a Form Mill tool.


Creating a reference point feature at position that can be used for compensating the toolpath.

The Form Mill dialog with preview. The dotted lines show the toolpath compensation point, which is controlled by the diameter and tip offset.
Using the tool is done similarly to all other tools, keeping in mind that the toolpath is created in relation to the compensation point defined by the diameter and tip offset.

Selected geometry for a 2D Contour using the tool with compensation point as shown above.

Simulating with the custom shape form mill tool.

Stock simulation with the custom shape form mill tool.
Note that Form Mills are currently only supported in the 2D Contour and 3D Path strategies.