After much research and talking to several folks directly associated with Mosrite guitars, I have figured out how to do the plastic binding for the body.  Today I was able to laminate 2 pieces of white binding together to make a single piece that was actually tall enough and thick enough to fit this unusual binding channel size.  Tomorrow will finally start looking like progress as I will be able to shape the binding to fit and possibly even get it glued into place! The photos below are deceiving because I was originally going to do a 3 ply white/black/white binding but the black binding was too thick and made the entire thickness too much.  I tried to shave it down to about half thickness, but that didn't work too well. The other choice was go just go all white, so that's what I did.