The suggestion, cryptic as it was, was enough to get me going in the right direction.  Here are the steps that I followed for setting up a newsletter for printing using Microsoft Publisher 2007.

Select File > Publish as PDF or XPS from the main menu.

Publish as PDF

When the “Publish as PDF or XPS” dialog is displayed, click the “Change” button.

Change PDF Options

When the “Publish Options” dialog is displayed, click the “Change” button.

Change Print Options

The “Print Options” dialog will display.  It should look similar to the example below.  If print options have been changed previously then it might not look exactly as shown.

Default Print Options

This is where the real work of configuring the document to print in “newsletter format” begins.  This first part has two tasks.

1. Set the Paper Orientation to “Landscape”
2. Change the Paper Size to “Ledger/Tabloid”

Change Paper Type and Orientation

When the Paper Orientation and Paper Size have been set correctly, the “Printing options” area will change to support some additional styles.  The specific options could vary by system (I think; I don’t have another computer I can check).

New Printing Options

Scroll the Printing Options until the “Booklet, side-fold” option is visible.  Select it.

Scroll Printing Options

When the Printing Option “Booklet, side-fold” option is selected, the Preview should change to match the settings for the newsletter.  Specifically, it should look like an 11×17 inch page in landscape mode with 2 newsletter pages.  The back page of the newsletter should be on the left and the front page of the newsletter on the right.

Preview Example

Select “OK” and “Publish” buttons as necessary to back out of the dialogs to save settings and create a PDF that has the newsletter laid out correctly for printing.