My experience with the contact cement (water based---3M's NF30) glued laminate over beveled wood edges is that it has held up well, though it is necessary to renew the finish on the wood periodically. Your thoughts about masking off the edges and using wood glue are worth considering. If you did that, there would be no doubt about the bond ever going bad. I use wood glue for laminate edges fairly often these days, It's more time consuming to clamp and wait until dry but makes for a better job. I also now use the wood glue along field seams to make doubly sure they don't gap apart.
BTW, that countertop article was one of four articles I had in that issue. Did you read the Great Moments in Building History story on back page? Unfortunately, that issue of Homebuilding marks the end of my writing for them. I'm putting a lot of effort into my newsletter now.