I use my coverstitch machine to make professional looking hems on knits. I have never used it to bind a quilt, I don't think I'd like the double needle look and definitely would not like the back.
I have a binder attachment for my sewing machine. I do not think it is easier than pinning if I'm doing a binding by machine (which I do frequently).
My thought is to try it on something small and see if you like it. Your quilt, your way.