Stan and Barge: Thanks for your kind words! I'm stoked with how it's turned out so far especially considering I've never attempted this before.
Gav T and Andrew: Here's the link for the dremel bit I used http://www.stewmac.com/Luthier_Tools...r_Binding.html
It only comes in 2 different sizes 0.060" and 0.090" so you'l have to make sure whatever binding you get corresponds with the bit size you choose as there isn't really any way to adjust the channel width.
I used a dremel 4000, which I picked up second hand for $90 and that certainly had all the power I needed to get through the soft bass wood. I initially used the new model dremel (4200), which led to the gouge out at the base of my guitar so I personally wouldn't recommend that model as the automatic locking system doesn't seem reliable enough to me. A few reviews I've read found the same problem I had too.
The router base is just a standard dremel router attachment. They sell them for $50 at Bunnings but you could probably find it cheaper elsewhere or second hand.
http://www.bunnings.com.au/dremel-pl...hment_p6373700
This attachment, although fine for doing this job felt a little imprecise to me. I found that the measurements on the depth stop were not particularly accurate so I cut the binding channel incrementally, increasing the depth 2 or 3 times to reach the required cut.
The stew mac dremel router attachment looks very nice too and may be more accurate. It's more expensive but it can accommodate a number of other stewmac attachments that look like binding would be made incredibly easy.
http://www.stewmac.com/Luthier_Tools...uter_Base.html
I originally bought a binding tool from Siminoff luthiers, which seemed really good but didn't fit the 4200 dremel I had at the time (it does fit the 4000 though). This could be a slightly more precise option as the depth of cut seems easier to set up. It has the option of cutting 0.060" and 0.090" also.
http://parts.siminoff.net/binding-ro...mel-tools.aspx
All this being said, if you don't have a dremel already it may be more cost effective to pick up a proper router or laminate router and get a binding channel bit if you plan on doing these often in the future. The dremel certainly cut cleanly through basswood but I don't know how it would go with harder woods, so something with more power may be more versatile.
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