As the saying goes ... it's your quilt, do it the way YOU want to!
Theoretically it should work ....
1/4" seam allowance
1/4"+ front
over the edge and
1/4"+ back _________
All that adds up to 3/4" plus ... double folded 1-1/2", which gives you 1/2" extra for the folds and sandwich thickness.
Will it work? It really depends on how thick your quilt sandwich is, when the binding goes over that edge.
Try a short piece first and see if you have enough to do the flip to the back, and still cover the machine stitching.
If so ....... go for it!!
........ doing it the way YOU want to do it!
