I love binding, but true binding would be a bear with the pointy horns on that body.
IMO I would do a tape and scrape for binding.
I do not know the proper method of doing a burst...but if I were to try, I would get a blank piece of wood and try this:
Clear laquer overall.
Black on the edges kinda like you already did, but work it in lighter towards the center and heavy on the edge, until almost the whole top was black.
Achieve the desired effect by sanding back the black 'til you just hit clear, working it back to the edge.
It would take longer, but I think you could achieve a real smooth gradient that way.
Once you got it how you like it, clear over the top of everything.
edit: I can get real high quality rattle cans, good nozzle, custom colors, etc. at cost from the auto paint man. next door to my work. If I can help out with anything, let me know.