Either way you want to do it I'm sure will look great. If you want to learn to do it with a different fabric, this video really helped me. My binding has come out really well every time (to my own amazement!). Try a practice piece first though.
http://www.youtube.com/watch?v=buCKs-Fgvb4 (not sure if you'll have to copy/paste or if this will be a link...)