I use Elmer's Glue for attaching my binding before I stitch it down. It keeps me from getting stabbed with the pins. Also this way I know I have enough binding too. Yes, it does both, sets it and dries it for you. If you make a mistake you can just pull it up, add a little more glue and reset it with the iron. I picked up those little tips for my bottle but I find I can add just as little using the Elmer's bottle tip that comes with it. The clue is not to use too much glue and you don't have to cover all the way down either. You can add small dots of glue every inch or so as you press to set it. I like the fact that it comes out in the wash. I also set my label on the backside this way too as well as when I want seams to match up perfectly and pins seem to distort it I'll add a drop of glue to the center, press it and stitch it. I ordered my tips by ordering "Roxanne's Glue Baste It", 2oz bottle that I just refill when I do use those tips. Just need to be sure to clean out the tips of glue after you're done.