This is a good idea, but the lady knows that there are 4 cup of tea for each type. This is a valuable information for the lady, which makes things wrong if we model the process via a binomial distribution. The problem is that the variables (successes at each trial) you want to consider are not independent and identically distributed.
I think you have thought to model the process by at least one of these cases:
Case 1: You study the number of success among the 4 selected cups.
Under this representation the statistic is 4 success over 4 trials. Under the null, each one would have a probability of 0.5 to be milk-first. This is mathematically right, but these probabilities are not independents.
Illustration: If the cup A,B and C are mistakes, there are good chances that the last one is a good one because among the 5 remaining cups, there are 4 milk-first cups remaining and only one milk-after cup.
Case 2: You study the number of success among the 8 presented cups.
Under this representation the statistic is 8 successes over 8 trials. This is the same problem of non independence.
Illustration: If she judged well the first 7 cups, the probability that she also judge well the last cup is 1. Because, relatively to the experimental setting, by elimination, there is no possibility that the lady is right about 7 cups and wrong about one.
In more mathematical term, for both cases, $\newcommand{\success}{\rm success}P(\success_i)$ is not independent with $P(\success_j)$.
Fisher avoided this problem by considering the selection process as a whole, enumerating the number of successful selections (well, only one) divided by the number of possible selections (4 amongst 8 = 70).
Still, there is a simple raw formula which takes into account non independence, less beautiful than Fisher solution though:
\begin{align}
P(\success) &= P(X_1=1)\times P(X_2=1|X_1=1)\times \\
&\quad\ \ P(X_3=1|X_1=1 \cap X_2=1)\times \\
&\quad\ \ P(X_4=1|X_1=1 \cap X_2=1 \cap X_3=1) \\
&= 4/8\times 3/7\times 2/6\times 1/5 \\
&= 1/70
\end{align}
A binomial test would be the correct answer to another kind of setting like this one I just made up.
- The judge toss a fair coin, if tails he prepares a milk-first tea, if head a milk-after tea. Obviously the lady does not know the result of the coin toss.
- The lady knows the process and will have to judge which kind of cup of tea was served.
With this setting, a binomial test, as you described it, with $H_0$: success rate = 0.5, would be undeniably a good approach.