Good for you for helping save this quilt! I would cut my DOUBLE FOLD binding on the bias (lasts longer) 2" or no more than 2.25". I would not reinforce it. The narrower binding will be all you'll need. Attach to the front of the quilt and fold to the back and hand stitch. After I attach by machine, I then press the binding up away from the quilt. Then when you fold it to the back it goes smoothly and helps with the hand sewing.