We discussed this at the January meeting, but I don't think that I did a very good explaining it. The idea came from The Mystic Art of Written Forms by Friedrich Neugebauer (a book you should all own, btw.) This should be a 2 page spread on an 8.5x11 piece of paper in landscape. Please leave about .25" around the margins and build in about .5" gutter. This is so that when it is folded in half it will make an 8.5 x 5.5 booklet which I will collate and return to everyone as a nice booklet sampler. Similar to the folded pen exercises and booklet we made.
In the examples I have from Neugebauer below you can see that the images can be quite abstract. You could even use collage and pictures from magazines. Also your lettering can be as a simple as block printing with a marker or speedball b nib (the round dot nibs).
This is mostly meant to be a DESIGN exercise first, and a calligraphy or lettering exercise second.
Below is the layout I have in mind followed by examples from Neugebauer: