It's done! I ran out of the black yarn, but it wasn't a tragedy. Rather than doing the bind-offs in the dark color, I simply did them in the white. There isn't any color-contrast visually, but it's not like I'm going to wear the thing! I also twisted some extra sock yarn into the cord for the top, rather than knitting an I-Cord. I'm sure the I-Cord would be more attractive. It would also be repetitive and unnecessarily annoying and boring.
Instead, this project was a lot of fun to knit; it was very easy and fast. I especially enjoyed getting to the colorwork. It made me extremely happy to have finished the Baby Kimono not so long ago. I was able to work the black using Continental style knitting, and continue knitting with the white in English style. The color-knitting went very, very fast. I had no problem with tension. There is no puckering, or loose strands. I even figured out a nice method to tack down the white yarn in the back as I went along.
There are a LOT more pictures at Flickr, so be sure to follow the link!