Try
www.spandexhouse.com. Or try calling a local performing arts center and asking who sews their costumes and if you might be able to purchase their remnants.
The stretch velvet at Hancock's really isn't that great, unfortunately, and they REALLY like their fabrics there. When it was $9.99/yd it was okay with the 40% off coupon, but my local Hancocks upped it to $14.99/yd. Spandex House will give you better quality velvet - you need to pay shipping, of course, which may or may not make it cheaper in the end, depending on how much you buy.
there's also
www.spandexworld.com too; I've used them in the past. Haven't always been happy with their "4-way stretch" though.......
Do you have a bias tape maker? I would probably do it all in one piece with the ends overlapping at the point of the "V" (assuming, of course, there's only one "V"). As a general rule, I don't do bindings on mine - too picky for what I charge!
Feel free to PM/email me if you want to talk about sewing leos more!! Always happy to talk to someone else who shares my passion!