Great instructable on how to form the bias tape strip.

Clover has a great little 'jig' to assist in the folding and pressing of the strip once it is cut to get a uniform bias tape strip.

http://www.clover-usa.com/product/26...as_Tape_Makers

The units are available for different widths of the bias strips. Here is a YouTube link showing how they work.

http://www.youtube.com/watch?v=q2YgYIhFQC4

I know the link is for a sewing/quilting show but it wouldn't be the first time that us gear makers have borrowed an idea from the sewing community.