What do you mean with signatures here?
How do your spreads look like?
What do you mean with printer? Offset or a small office printer?
Can you provide with a screen shot?
ID's built-in imposition utility, Print Booklet is not very sophisticated, but I think it can handle this if you're willing to do some manual intervention and don't need creep.
First, let's change your terminology a bit and talk about pages, which are the individual pages in ID, and what your readers consider a page, and sheets, which is the paper going through the printer or press, and each sheet will have 4 pages, to on each side. Looked at that way you want 7 signatures of 40 pages on 10 sheets for each signature.
Print booklet offers some basic options, like two-up saddle stitch and two-up perfect bound. The latter divides the entire document into signatures for you, but it isn't sophisticated enough to use a page count of 40, so you'll be stuck with saddle stitch, and you'll have to run each signature separately, specifying the ranges 1-40, 41-80, and so forth.
Acrobat has booklet printing which is probably more reliable than ID's, so you could export a PDF and print that, but you'd still have to manually send each signature in Acrobat.