I have seen crazy quilts with velvet bindings and they are beautiful so I can see why you want to use it, but I used to make stuffed animals and can tell you from experience that velvets fray very easily and badly. It is a difficult fabric to work with. I'd suggest if you decide to try it (which I wouldn't) you should use a much wider seam allowance than normal. Another point to consider is that you cannot press on velvet directly as it will crush the nap, leave iron marks, and might even melt due to the acetate content. A needle board is a must when working with with velvet. As RhondaK pointed out, it has a nap, and all four sides might look different even tho you sew the long strips together correctly because of the way the nap looks from different directions. Lastly, with all those layers, your binding will get very thick. All that being said, I'd find something else to use, because sure as the sun will rise tomorrow, something will happen so that the quilt needs to be laundered, and dry cleaning is the only thing you can do with that blend of velvet, and even then I am not sure the acetate will stand up to dry cleaning.