Holy smokes! You guys are eager beavers! I haven't decided for sure what I'm going to do for the next runner and I'm seeing 3rd options! lol
Just wanted to comment on the machine binding: I add the binding by machine on all of my quilts etc now. However, when I attach to the quilt, I sew the binding to the BACK of the quilt sandwich, then it's wrapped around to the right side of the quilt. My machine has many decorative stitches, so I choose one & play with it, until it provides good coverage of the binding & also secures the corners as I go around the quilt. The quilts stand up much better to multiple washings etc. As I go around, the binding is secured well with pinning in short sections so there is no movement or rippling. Works for me!