That has to include the borders - and in typical EQ fashion, it assumes the border is one long strip, so it doesn't adjust for pieced borders with WOW strips.
If you're using a fabric where it won't matter much, you can save some moola by piecing.
An informal calculation would use ONE light and ONE dark 2.5" strip for each block, even though you'd probably only use ~30" of each strip. I'm assuming the 2" you mentioned in the op was finished size.
So 2.5" wide strip x 64 blocks = 160 inches / 36 inches = 4.4 yards.
That gives you a ballpark figure of how much you'd need of both the light and dark fabrics for just the blocks (or how much a collection of fabrics would need to total).
A good thing, though, is that those blocks are 16", so it should go relatively quickly. ;-)
Fabric choices are so personal, so I'm not going there. ;-)
But, ooc, what are you planning to use?