Yes to the bias binding, and you will need to do ALL sides in bias. Remember to not pull on the binding as you're sewing, otherwise you'll get puckers.
Here are some tutes that should help.
http://ankastreasures.wordpress.com/...t-binding-tip/
http://ankastreasures.wordpress.com/...e-your-skills/
http://ankastreasures.wordpress.com/...ng-odd-angles/
Or, you could just cut the other 2 edges straight and bind them all with straight binding.
