I starch my fabric using Sta-FLo liquid starch and water. I try to make it at least medium and towards the heavier starching. I dunk mine in a dishpan and then run the fabric thru a makeshift wringer and then hang to dry. It does help with the fraying of some fabrics and when doing those wonky shapes, it also helps. Plus as I use hot water in my starch, if the fabric is going to bleed, it will bleed then. ALso if its going to shrink, it should shrink then also. Once dry, I mist with a mixture of vinegar and water and press. Some say vinegar helps stave off bleeding too and the vinegar smell goes away once you press the fabric. I've been doing this for the past 5-7 years now.
Sta-Flo went off the market a couple years ago and I went to every store in town and bought what I could find then. Then they put it back on the market but I've only found it online and it's now about twice to 3 times the price it used to be.