I received the 12" border punch I ordered in the mail yesterday and tried it out. The hinges are on the long side instead of at the top. I ran it through the cuttlebug twice, once with the regular spacers at the top half of the folder, and again at the bottom half. It was a breeze and worked perfectly. No need to get a long set of spacers.
Just be sure not to have the "B" spacers with the labels on both at the bottom. I reversed one of the "B" spacers with the label at the top so it doesn't get jammed from being too thick at one section.