Fitting the new formica precisely in between the existing edge is difficult at best. Most laminate is glued using contact cement. This glue is not forgiving! Once its stuck, its stuck for life! ie) if you are off even a tiny bit, you cannot fix it - there's no adjusting. Laminates are applied oversize, then trimmed once they are glued to the underlayment.
If you want to do this, removwe the metal strip, apply the laminate, reattach the metal. You will need a router or laminate trimmer (small router).