So...let's finish the first cut around the top.
Now we will change bearings on the cutter and set it for the depth of the binding.
Gosh, that router looks like it has been rode hard and put up wet.
Let's make a sample cut in a place that nobody will ever see. (Like right on the top!) Then we can check to see how things fit.
I'm no Norm Abrahms (or Ed Hawley for that matter!) but it looks pretty good.
So we'll go the rest of the way around.
It winds up looking like this here.
If you have ever dealt with acoustic guitars with multiple bindings and purflings, you have had to do the same thing.