You should work with Knifeless striping tape. It's inexpensive, easy to use, and doesn't put a blade into your finish. And you've still got enough edge to be able to use it and have a cleaner appearance.
I do custom vinyl wraps on goalie helmets, and decided to give a whirl to one of my basses, a Yamaha RBX300. It was initially rattle-canned Ivy Leaf Gold, and I added the metal flake silver vinyl. I decided to run a pinstripe to give it a nod to a traditional binding on a bass, but with a twist. Here's the initial wrap before I did the stripe.
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With the faux binding … (fixed that little ripple on the upper horn, too).
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And this is what happens when the faux binding is lit … yes, it's reflective black vinyl.
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Hope that helps.