Just wanted to say, after scraping the binding on my Tele.... I found out that the StewMac sanding stick (fret dressing stick), essentially a 1/4 inch wide strip of sandpaper on a handy gizmo... its PERFECT for cleaning up binding. You can get 400 grit paper for it and ... it makse that "final cleanup" a pretty easy and controllable thing indeed!~
http://www.widgetsupply.com/page/WS/CTGY/excel-sanding-stick
http://www.widgetsupply.com/page/WS/CTGY/excel-sanding-stick