The walking foot is not designed to work backwards. That is correct. However, you can decrease the stitch length at the beginning of your seam to 4 or 6 mm and sew about 5 tiny stitches. Then change to the regular length (or actually a little larger for quilting) and sew to the end of the line where you secure the end with tiny stitches again. Works like a charm!
As for the binding - that is personal preference. I still like to sew mine down by hand in the back.