Hi, sorry, didn't realize this thread was still active... I've been "away" from this forum - building an amp.
Almost done.
Steal all you want... It's totally PRS anyway.
For the faux binding I masked off both sides, using 1/8" green 3M pinstriping tape at the edges, then sealed it with 1 or 2 lb. shellac, two or three coats (you can also use thinned lacquer). Once it dried, I unmasked it and scraped any areas where the shellac got under the tape. The trick in masking is to not stretch the tape (it will tend to lift) and to rub it down hard to get a good edge seal. Take your time and make sure the line is perfect!
Once the binding edges were cleaned up I masked the bottom edge with the 1/8" green, then masked off the entire top so I could pore fill, stain and seal the back.
After the back was sealed (again with the shellac, although I'll probably use lacquer next time, as the alcohol in the shellac likes to redissolve the dye, making blotches) I unmasked the top, then masked just the sides in preparation for dyeing the top. Once the top was done I used a razor blade (taped onto a plastic strip for a depth stop) to scrape the dye off the top edge of the "binding". I made it a little wider than I had planned, and found that the dark brown had soaked in really deep, so the binding has the figure "enhanced" as well. It looks ok, but I prefer just the white maple. Lesson is, don't scrape it too wide, just the edge like a PRS.
Anyway, hope that makes sense. There are other (probably simpler) ways to do it. I adapted my method from the StewMac Trade Secrets "PRS Blue Tele" tutorial, and Myka's process pages.
Good luck with it, and be sure to post some pics.
Mike