If you pillowcase (birth) the quilt, you will still take a seam around the perimeter and loose the points, won't you? When I bind a quilt I loose about 1/4", which is what you are going to take up sewing a backing on and turning, unless I'm missing something. Without a pic it's hard to advise, but I guess I would consider adding a backing & doing some quilting to stablize (sp?) the top, then bind it.