I'd used a 6in ace bandage to bind every other day or so for about half a year, and only had problems the first time I wore it since I wrapped it too tight. After you have it for a few months it isn't as safe to use since the elastic wears and breaks, so you end up wrapping it tighter to achieve the same result. When it starts doing that, throw it away and buy a new one. (Compression shirts, too, lose their compression ability over time, but it takes longer, so I'll be getting one soon for convenience's sake)
I think it's an okay method if you're pretty small; if it's uncomfortable or itchy at all, you're either wearing it too tight, or it probably isn't safe for you to use.
For open-chest binding, be careful using any brand other than ace. My friend used rite-aid brand and it peeled her skin off, and I used johnson&johnson (I think?) on top of ace since I was almost out, and in the small places where it touched my skin it hurt a lot for a few days after the con.
