That looks more like the jig and foot that I used at the facory.
Keep in mind that it won't necessarily appreciate the type of binding that is a double fold ... it is designed for a single layer of fabric, and it will do the job, but it will take some practice.
Have you ever tried to sew two strips of fabric together, with hands held close together, one piece of fabric in each hand? ... no fair starting and stopping.
set the fabric under your needle, get the pieces moving, set your hands and then pedal to the metal and let the machine pull the pieces while you guide the fabric ... the whole length of the two strips ....
that is the concept of this foot ...
when I was using its cousin at the factory, my main fabric (a bathrobe) came from the left, and I guided the binding (like a twill tape) with my right hand. (I wasn't very good at it because of my "control issues" - - too heavy handed, though, my touch has gotten better in the last fifteen years or so. <g>) Quilting and time has taught me a lot.
I may have given you the wrong impression.
The jig I was working with didn't have the extra fold feature you are looking into. If you look, you can see in the clear plastic, there is a place that your quilt edge will come into ... and then your binding fabric is turned under ... the machine will stitch through both/all three at the same time.
It might help if you iron the binding first, just the parts that will be folded under.
And, I think you are right ... it is not an expensive piece, and working on a place mat or a doll quilt will tell you all you will need to know about it.
If I were you, I would take a chance on this binding tool/foot.
So! Dear, Ducky ... if you get it and you don't like it, I will purchase it from you .... does that help? <g>