Ok, I took some advice and didn't take others. Since this is more of a hobby for me, I can't afford to drop $400 on a binder. If it came to that, I would probably do without.
I was researching binders and came across the Sailrite swing away straight binder. It was what I really had in mind and for about $70, it was mine. It isn't a custom binder, but it also isn't a flimsy generic one either. I haven't gotten a chance to try it on my Consew 227 yet since my new needle plate and feed dog haven't come in, but it tried it on my Singer 531b-8bl flat bed, and after some adjusting, it works like it is supposed to.
I ground down an extra set of presser feet to get the binder as close to the needle as I could and I widened the binder mouth since it is made for cloth and I need it to wrap around 10-12oz of bridle. I am making a mounting plate for the Consew, but I am encouraged that it works on the Singer.
I will post pictures when I get the Consew lined out.