When I built my control panel, I didn't want to wait around for T molding either. (Nevermind the fact that I didn't have a router!) My pseudo-molding proceeded like so:
2 cans of Plastikote (used to dip tools in to give them rubber handles)
A PVC pipe jig (more on this abomination later)
4 Stanley Corner Braces (this stick is portable and I want the corners to NOT explode)
1 1/4" high pine molding (from Home Depot, cuts like styrofoam heh)
And some little nails (real small) to tack it on there
You make want to get a lovely (or perhaps not so lovely) assitant to help you with this. Gloves recommended. Firstly, I cracked open the plastikote and dipped the corner braces. You must go slowly so as to get a consistent covering. I used a wire hanger through the screwhole to get it in there. This makes for a nice rubbery coating.
The PVC jig was kind of odd. It's a 4-6" section of pvc with masking tape on the bottom (only a thin layer). Put some masking tape on the top back side of your pine molding. Then, put the non-taped end of the pine molding into the pvc, the taped end in your lovely assistants upraised hand, and poke the bottom through the masking tape (you did only use one layer right?) Now slowly drag the pipe to the top, and slowly back down again. This SHOULD leave a nice consistent, smooth, rubbery, molding. Hang that thing up, put a piece of tape over the slightly oozing hole, and get ready to make more molding.
After leaving them to dry, the next day we tacked the molding on with very small nails. If you make them straight, they look rather flattering. If you really do hate them, just plastikote over the nail heads. Xylene is the recommended thinner for plastikote.
Also, a little xylene with some plastikote is good for filling in any gaps. We only had to use it a bit, and it worked rather well.
This seemingly insane process was dreamt up in Home Depot while buying plexi for the top.
EDIT: Ah, I forgot to mention that this was for a portable stick that gets lots of miles, that was the main reason for the corner braces being added. They go on the corners (go figure). I used the aluminum screws that were included. Doesn't look as horrible as it sounds.