Manic ... when I use a new-to-me batting I generally make a test binding strip about 12" long to make sure it will wrap properly. If it has a lot of loft, I would start with a test of 2.5" binding.
As for the waves at the edges, especially that rather large wave in the bottom picture ... sorry but I can't help you there. You might be able to ease it in ... perhaps try your test binding strip in that area with a basting stitch to see how it works.
What a shame.