Jan to answer your question, I haven't used this method on a wall hanging or quilt, but have used the Elemer's glue -Sharon Schambers method on several bindings, including two king size quilts, and love this method. The Elmer's glue is a water base glud- as it is the Elmer's School glue and does wash out. Not trying to take the answer away from ontheriver - sorry for butting in on your answer. For those who have not used Sharon Schambers method, go to her site on YouTube and view it. The section about the Angel project, she give great video and oral details. She has won best of show in the Houston Quilt show on some of her quilts.
Someone else ask about the iron - don't use steam, but a dry hot iron where you glue and it sets the glue. You can even pull it apart if it isn't like you want it and redo it. It will wash out.
I know for a fact that Elmer's school glue washes out- both of my own children and bunches of my first graders when I taught (21 yrs as a 1st grade teacher) were always getting glue on their clothes. I always recommended Elmer's to parents, it was on my supply list each year.

With school starting shortly the stores are already having Back to School sales. Time to stock up on Elmer's glue.

Pressing it dries and sets the glue. You just "press" rather than iron.

OK, now I understand the reason for "pressing" with the iron. Thanks for responding to my question Neesie.