hi jams, welcome to the board. I normally cut strips 2 1/2" wide, and join on the angle, to make long enough to go all the way around the quilt, plus a couple extra inches for each of the corners. Then I either stitch to the front or back - depending on whether I'll sew the other side by hand or machine - then fold to the other side and stitch down.
As for the tape maker - it depends on the size tape it produces, and if you end up with a flat tape (good for appliqued stems and celtic designs) or folded in half, as well as the edges folded in. I have a 1/4" one that I can place over the edge of the quilt, and stitch both sides at once, but I couldn't recommend it as I have too much difficulty with going around the corners, more hassle than what it's worth. It's terrific if the corners are rounded, and the quilt is not too thick. It's better for clothing and linen. Also, I do not like having the edges pressed and then sewing to the quilt, as pressing can stretch the fabric if you're not careful.
I prefer the first method, and you can google lots of tutes to show easy ways to do the corners.