I need to make some binding for a quilt, so I took a look at this. It does seem like a nice tool; however, with shipping it is over $30. If you think about it, you don't really need the pressing pad at all if you are working on an ironing board; what is valuable in this tool is the slot.
I used to have a similar slot type thing that could secure to the ironing board with elastic. Basically it was a piece of plastic with an adjustable slot, and I would slip it over the nose of the ironing board. I have a homemade "big board" now so, even if I could find the thing, it probably wouldn't fit. However, it got me to thinking. I have some template plastic that never got used, and a craft Xacto knife. I'm going to cut a slot into the template plastic and see if I can secure the plastic to my ironing board surface (maybe with long pins) so I can use that to make the binding. I have saved a lot of old credit cards, and I'm thinking it would probably be possible to use 4 of those glued together to make a slot. Or, my dh said we could pick up a piece of thicker plastic (similar to ruler plastic) at the hardware store and he could make a slot in that by drilling holes and then sanding the slot smooth.
I watched the video. What I would do differently, once the binding is started, is simply leave the iron on the mat portion and pull the binding through underneath the iron. That's how I do it at home when I use pins in the ironing board to establish the slot. (Hmmmm.... Maybe I'll see if I can order some long hat pins on Amazon. The reason I'm looking for something better is because the pins I have on hand here are not quite long enough to establish a 1.25" slot on the ironing board once they go in and out of the ironing board fabric twice. If I use a permanent Sharpie to mark the slot size, it would be really easy to use a long hat pin or two to make a temporary slot.)
Anyway, those are my musings for making a similar tool for less money! Years ago I would have just bought this tool. Now I am always looking for ways to save money, plus I know from experience that I have a tendency to misplace tools like this and I don't have enough storage space for them anyway.......