To add security, or to change any other elements of the custom binding (or to switch to a standard binding) currently requires that you supply a config file with a system.ServiceModel section on both the client and server sides.
The custom binding providing compression of binary encoded data is the default binding, but is not really a requirement. It's harder to work with the binding elements in a custom binding, but if you use the WCF Service Configuration Editor (from Microsoft) it should help indicate what's available and how to configure it. One warning with using this editor - it will first prompt you for the location of the IdeaBlade.Util.Wcf assembly, which you need to give it and then OK further prompts, in order to edit the custom binding in the editor.
If you want to use a standard binding, which is much easier to configure and better documented, you should be able to do so without any problems. We do believe, given the amount of data that can be transmitted, that using both compression and binary encoding provides better performance.