See the diagram attached...
You'd have to cut the paper in half the long way instead of the short way, and you would still need the smaller white squares (1 3/4" x 2") cut seperately out of another sheet for layering on top of the colored squares, but all of the other pieces can definitely be cut from two half-sheets of cardstock!
(Note: Half will want to do their big pieces out of one color and half out of the other color, so that they can trade their layering piece and their eyelet strip with each other in order to have a difference in colors...)
Trish