I think that if you wanted a gathered strip on the edge, the only way you could use tradional binding is to have the ruffle point towards the inside of the quilt. You would gather the fabric, baste the gathered edge down along the quilt edge then put the binding on in the tradional method. I've seen quilts with ruffles put between borders and then you could place it pointing towards the outside with the outer border cut thinner than the ruffle then put a binding underneath the ruffle on the outside border. Wow,
that is probably a poor explanation--hope it makes sense. I'm looking forward to seeing what experts have to say on this.