I'm no timber guy, but depending on the size and number of your posts, and on the trueness of the face cuts, it seems this should be doable "by hand" with a circular saw. The large ones with the 8-1/4" blade would let you tackle posts an inch larger. You would _most_ definitely want a good new ripping blade and you want to wax (or other lube) it regularly. A ripping blade makes a _huge_ difference in the ease and quality of a rip cut.
Mark the octagonal off on each end. If the resulting octagonal is less the 6" (or maybe seven if your saw spins a large blade) wide on each face, set the foot of the saw to 45degrees and tack a straight edge where it needs to go the whole length of the post. Then cut 1/2 of one octagonal face. Before moving the post, position the straight edge and run the saw the other side and to 1/2 of the face of the next octagonal. Rotate the post, set your straight edge and make the next cut back to one of the first cuts you made and there's one octagonal face. Reposition the straight edge and run the saw down the other side for 1/2 of the next face. Etc.
The saw needs to be a good one with a strong stiff foot you can adjust accurately. It is _well_ worth an extra $150, or whatever, for a saw that won't wimp out on you and twist where it should stay straight. I don't know the good ones - the Home Depot Bosch I got 10 years ago is NOT what you want. The foot and how strong it is against twisting when it's set to full bevel is what really matters. That and a good blade. When thinking about saws, consider which hand you normally will use to push the saw. The consider which side of that hand you want the blade to be on when you're using the saw. I'm right handed, but I plain cannot recall which side of the saw the blade is on. It's workable. But it does make a difference, so if buying a saw, take a stab at figuring out what you want and try for that. This also affect which way the foot pivots. Read up or get some opinions, etc. Buy a $10 saw at a garage sale and try different cuts; get another $5 saw with the blade different and try _that_ and see what you feel.
Correct layout. You need to position the straight edge correctly for each cut. 8 cuts make a square post octagonal. With a blade with a depth of cut equal or greater than the octagonal face, you'd only have to do 4 cuts. After initial layout, 5 minutes to secure the straight edge, 2 minutes for the long rip, 3 minutes to recover composure and stop swearing, 10 min total for second rip w/out repositioning, then reposition post 15 minutes = 35min. x4 = 130 minutes per post. This _should_ speed up considerably, maybe down to 60+ minutes per post. (edited: bad math fix, hopefully)
So it kinda depends on:
- the truness of the posts you get
- your layout skills
- the quality of the saw you can use
- the solidity and ease w/which you can secure the post for ripping; and the speed and ease w/which you can reposition it.
- you
energy
Not sure this helps you directly, but maybe gives some ideas.
Ah. A _real_ 12" table saw with long tables in/out will do this job, also. But that kind of saw needs a true 2+ horsepower and most people don't know where/how to find them at reasonable prices; it's a tool that requires some commitment. And I'm actually not sure, even if you had the perfect set up, it would be as practical as the circ saw with a straight edge.
Cheers,
Rufus