I think it would be tough to work with. I doubt I would double fold it as it would be very very thick. I like a good crease when binding , and fleece does not crease .
I would recommend a single thickness. I have seen fleece binding that where not turned under at the last step. Since fleece does not ravel.... There is no issue other than appearance with having a raw edge exposed.
Only once did I use a fleece binding done traditionally .. double folded.... soo much bulk !