At its simplest, all you need is a gramil or something similar. These can be store bought or home made. The Schneider Gramil is good, the Ibex cutter works fine or one can be made from some bits of scrap timber and a blade of some kind. A pic is attached. The binding rebates for a mandolin or a uke will taker an hour or so to do with one of those cutters and a sharp 1/4" chisel.
I don't know anyone who has used the Dremel attachment more than once.
A laminate trimming router has enough grunt to cut binding channels, and the sliding up and down setup Rob Roy has described above gives the most control. this works best with a router bit and a set of bearings which determine the width of cut which can match the size of the bindings. I have had an LMI set for some years and it is a very controllable way of cutting the rebate. It is a considerable investment but it is quick and accurate. Otherwise a binding cutter and a chisel. It can be quite meditative and it is quiet.
Cheers
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