Here's the setup I built recently for cutting the binding channels on the edge of the guitar body. I used a scrap piece of countertop for the surface that it all sets on. The cradle is built on the scrap from the mold I built for my 000 guitar, out of plywood. The tower is made from pieces of pine I had laying around. And the angled pieces that hold the laminate trimmer in place, are the offcuts from the radiused dishes I made out of fiberboard.
The trimmer slides up and down on sliding drawer hardware. The whole thing cost a couple of bucks, except for the trimmer.
The base of the trimmer has a disc made of slippery plastic, which rides on the guitar body. If you're looking for one of these, John Hall sells them.
Router bit sets designed specifically for cutting guitar binding channels are kind of pricey. To heck with that. I just bought a flush cut bit and then swapped out a different bearing to give me a 1/16" rabbet bit, for under $20.
I don't like to take any chances. I masked off the top, back and sides before cutting, to reduce chances of tear-out.
The system worked like a charm. I got really good results.
First I did the back.
Here's how it looks after removing all the tape.