That was what I was first thinking of as well but as I'm not too experienced with binding, I thought that getting some finish over the seams might not be too bad of an idea. Following that thought applying shellac over the binding only might help hiding the barrier. The order might then be: Apply the matte to the bottom and sides including the binding, carefully tape along the side seam of the binding, apply shellac over the binding, apply the glossy to the top and binding, rip off the tape. That raises the question, how to scrape off the ridge where the glossy has met the tape.
Then again, if the binding doesn't have to be shiny, the easiest way would be to apply the glossy lacquer on the top first as @Drak said and when it's perfect, apply the wiping varnish on the bottom and sides. That would put the barrier right at the very edge of the binding which may or may not start chipping. Rounding the binding slightly and applying shellac on it might again help, who knows...