No, 8.5x11 paper does not fit in the binders, they are a little narrower. You'll need to use the Cirrus Elite paper which is 8.5 x 11 for going through your printer but has tear away perforations to fit in the binder and on some pages rounded corners.
Also, is it possible to print Jeppessen format onto the Cirrus Elite Paper? If so, I'd like to print on both sides (front and back) of the paper in order to have the final document look much like Jeppessen logbooks. Is it possible to format the document properly for that?
I suggest printing using the Reports..Flight Log..Split-Reports system. Please refer to this topic in the Logbook Pro documentation by clicking Help...Contents and then within the Reports topics. You can also view the documentation online at http://help.logbookpro.com.