If you go to my very first post which launched the swaphttp://www.craftster.org/forum/index.php?topic=123382.0
you will find all the instructions. You are more than welcome to copy the entire idea for a US swap, but you might want to space out the posting dates a little more, given that the USA is so much bigger! (The entire UK is the size of Wyoming).
I agree with Phizzy; I also dislike having rings in the middle of a spread I'm doing, but I didn't see why I should ban others from using that kind of book if they wanted to - it didn't cause me any major problems. The only kind of binding that was problematic was glued bindings - like watercolour pads - which tend to come apart pretty easily, especially if people use bulky things to decorate the pages. Some of the books had very thin pages - like typing paper - and I preferred to glue two together when I did spreads in these, or glue another paper over them as a background. My own book was just 4 large sheets of watercolour paper folded in half and simply sewn into a cardboard binding - took me about 10 minutes to make, and included the exact number of spreads needed for the swap, so that it came back FULL, which was wonderful!