there is lady at my LYS who did that with the "Knitters Stash" book. I think it is a grand Idea. I haven't looked at the binding edge to see if there is enough room but they should be able to tell you for sure. You could also think about taking the idea of the three ring binder and find one that opens flat and put it in there.
oooh ooooh oooh and if you wanted to get reeeeeeeally crazy you could get the pages laminated so that you could write on them with a grease pen and then erase your markings when you are done.
Yeah I am a genius.