Blanket stitch is a fabulous way to make a quilt completely bombproof but you do need to have a mirror image function on your machine ....
Page 60 of this manualIf you
dont have this ability to flip the stitch you will have the entire bulk of the quilt to the right of the needle ... Nightmare!
If you
do then its plain sailing! You will of course get a line of stitching on the back or front of your quilt depending on which way you're sewing the binding on ... but on a pieced quilt it really isnt a problem.
I often make the blanket stitches into a feature, making the stitches larger than they need to be and in a variegated thread ... but if your quilt is primarily whites/lights and you are using a light grey/cream/white thread you'll barely notice them.
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I always play with my bindings, making them extra wide almost like mini borders and sewing from whichever side facilitates my needs. The hardest thing with using a blanket stitch is keeping the stitches as close to the edge of the binding as possible without wandering onto the binding itself.
I achieve this by having my nose as close to the quilt as I can.
I start on a leader, to overcome the automatic locking stitch, leaving long tails at the beginning and end to bury within the body of the quilt. I also sew quite slowly compared to other people (I believe ... but as I sew alone who can tell ?) which is good for control of where the stitches are landing ... blanket stitch can, if the stitches are large enough, be unpicked but its a pita and who wants to be unpicking that close to the end of what is usually a long journey?!
My advice is to make a long, thin sandwich; backing, wadding, fabric for top and fabric halved for binding and experiment with width and length of stitches ... you'll soon find what you like and suits you and how it goes, theres a rhythm to the stitch which is quite soothing ... Enjoy and do post pics!
Any questions just ask!