Have done a basting-type stitch inside the 1/4" spot if I have a pieced border, otherwise not. Don't have a serger, darn!
I was taught to apply the binding to the front of the quilt before trimming the excess. If the edges are really excessive, I trim them to roughly 2-3 inches, then I line up binding with the fabric edge and sew 1/4" line. Then I cut the quilt edges to 3/8" from the binding seam line so I have a plump binding.
For the first time this week on a baby quilt I cut the edges right to the edge of the border fabric, because I am doing a binding with flange, sewing the back on first. It made things more difficult not to have extra fabric for my walking foot to go on - it was kind of limping if you know what I mean.