I did the same, but found my iron in a re-store for $2, It works great for this, but doesn't get used much.I picked up an old iron at a garage sale and have it in the shop dedicated to edge banding.
I prefer making solid wood strips and gluing them on. For a couple of recent cabinets using 3/4 birch cabinet ply that needed stain and poly finish, I made 3/4 X 3/4 soft maple strips and joined the cabinet sides at the cabinet corner into it using biscuits and glue. When trimmed and sanded, the soft maple grain and color was very close to the surface veneer of the cabinet birch. The soft maple has since been my preferred solid wood for covering cabinet birch end grain, even when as thin as 1/8" (without biscuits).