Would not imagine doing bindings any other way!!!
I only use Elmer's School Glue with a fine tip applicator. I have never had it gum up a needle or machine. It washes out with ease. I swear that it is some type of starch product, but cannot prove it.
In fact, I "pin" with glue all the time. The little bit of extra stiffness has really helped improved the quality of my long seams (think borders).