The easiest thing to do for "classic"-size printing (8.5 x 5.5) is to use the Layout option under the Print menu item to change to 2 pages per sheet. Print single sided, fold each page over to make a double-sided sheet, and punch. This adds bulk, but is quick and easy.
I don't know a simple way to get the right layout (1-3-4-2) for printing double-sided, and then splitting with a paper cutter.
If you have classic size paper and a printer that will handle it, you can define a custom paper size under the print menu. This will print center top on a letter-size page, but should be fine on classic size paper.
Note that you can save all your printer settings as a single entry, "Classic" or "FC", which can be used for printing in any application.