Why not try it on scrap wood with the router you’ve got? You could work up from there. My favorite router for hand guided binding ledge routing is the smaller Ridgid cordless. The absence of the cord makes it much easier to handle.

Many years ago, I had one of the HF cheap laminate trimmers. The runout on the shaft made it unusable. But, it was cheap.

I'm using the Bosch Colt for cutting binding / purfling channels.
Lots of internet discussions about poor runout on the Colt.
I had runout but a good cleaning of the collet and the collet shaft with alcohol, then naptha, brought runout down so low I could not measure it. I had ordered a precision collet (one of the manufacturers stop selling them for Bosh Colt because of the inherent runout of the shaft) but ended up not needing it. Maybe I was lucky?

We measured runout on all available major name brand laminate trimmers and the Bosch Colt which was measured by buying three of them was the worst one with runout measured in the 0.005" range.

The best one was the DeWalt and we also discovered and then told the forum about Precise Bits who, don't quote me it's been a while like 10 years but I think that Precise Bits had an aftermarket collet for the Dewalt that dialed in the runout even further.

Now high precision certainly is desirable for a saddle slotting mill which is why we measured them all. Is high precision necessary for a binding cutter and the answer is in my view not to the same degree. If you build so that the bindings will be proud of the channels and scraped down 0.005" of slop may not be noticeable or something that any one would care about.

We've now used the Dewalt for 10 years and it's been flawless. The three Colts were returned to the store.

PS: We stashed away a couple PC310s the best one we ever used of all the laminate trimmers. Affectionately known as R2D2.

I recently bought a Bosch Colt to mount in my binding cutter jig and used to cut the binding channels on my ES-335 style build. No visible runout (not that I attempted to measure). I like the easy router bit change and the variable speed features. I was not aware of the Precise Bits collets for the Bosch Colt -- gonna check that out thank you.

I have a PC310, great little workhorse, but they are notorious for the annoying sticky collets. Parts are definitely hard to come by now, many are discontinued.