I usually cut typical bindings at 2 inches, sometimes 2 1/4. But one of the best parts about quilting is you can do what you want, and get the results that you want! If you don't end up liking the result, you will know what not to do next time.
Also, if you haven't checked out the binding tutorial by Sharon Schamber, I highly recommend it. She's a wonderful teacher, and her method is extremely helpful to do a quality binding. Here's the link:
http://sharonschambernetwork.com/fre...gel/index.html
Post your completed project so we can see what you ended up with!