I have printed out a pdf of the preview copy so I can work out the final design. The final product will use the final print version with the spine cut off.
One of my newest tools is a heavy duty guillotine paper cutter. If this is something you want to do on a regular basis I suggest you pick one up. If not you can go to a Kinkos to have them do even spin cuts or with a steady hand, a sharp Exacto, and a strait edge you can cut through the layers by hand. I used my cutter to square my printout to 8.5x8.5.
Making sure that your holes line up and every thing is square is critical to making sure things comes out even at the end. I start by making the holes on one of the covers and using that as a template for everything else.
Using a leather punch I put a hole strait through to the other side. I then clamp the back cover to the front and punch through the back cover.Now the front and back cover have aligned and even holes.
Very carefully remove the cover, keeping the pages clamped together. The pages are too thick to punch through so it is off to the drill press. My second most valuable tool is my Dremel with the drill press stand as an added option. You can attempt this without using a drill press but it is very difficult to keep the hole straight without one. When drilling through sheets of paper be careful not to go too deep too fast or you sheets will catch on fire.
Next time we sew it all together and put on the final touches.....