If your dremel copy has the threaded end on it, Stewmac sells a quality router base and and adjustable guide for cutting bindings. Be forewarned though, if you get it. It will do a pretty good job of cutting the channels for the top, and everything on the back that is below the upper bout. Above that, and the router base will not properly work, due to the curvature in that area. The channel will become more and more shallow as it arrives at the neck joint area. It will also come out shallow in the waist (at least with me it did!).
They also offer a screw on attachment to the dremel, which is adjustable. Once again, be forewarned. If used, one must have a steady enough hand to hold the dremel exactly parallel with the sides at all times, or the channel will come out with variances. It will work, and I have done several guitars with it prior to going over to something more substantial, quicker, and easier (Stewmac setup again, for a laminate trimmer).
http://www.stewmac.com/shop/Tools/Speci ... Guide.html. This may be a better cost/effective option if you are building 1 or 2 guitars
this is what I now use: now.
http://www.stewmac.com/shop/Tools/Speci ... g_Jig.htmlSeveral people have made their own set-ups, and maybe they will reply. Take your time; mistakes always happen fast, and it takes a lot longer to screw up, fix the mistake, and do it again correctly than it does to just take the time to do it right to begin with.......
Carry on!
edit...MP beat me to the draw, and he brings up a bit of what I was trying to say, clearer than I probably was!