I am wanting to print a 30 page booklet on 11X17 paper with the idea of cutting the final booklet down to 8X10... How can I setup the program that way... so that the margins are within the 8 X 10 on each page and the program recognizes intuitively what I am doing?
Also. I am doing a staple/folded binding, therefore when I do the final cut on the book the center pages will have more material cutoff that those near the cover... Is there any way you can setup for this?
Set your document size to 8X10 and InDesign will "intuitively recognize" what you want -- a document of that size. You can print it to any paper size, that's in a different department and unrelated to your actual page size.
I don't think InDesign's Print Booklet function (which I presume you intend to use to create the final output with) supports the creep value you want. If you do need it (for 30 pages only? very thick paper?), you might be better off with a more professional way of creating your booklet; something like Quite Imposing.
Print Booklet DOES support creep...
And it will be a 32 page, self cover.