I was messing around with the "designer" edges last night and discovered a way to make a paper look like a very soft torn edge.
Edges
designer
artistic
blurred edge (make sure you have the "stretch to fit" box checked)
This will leave a "band" of blank space around your paper. Don't worry about that.
I didn't do a border.
The next screen lets you adjust the edge. Move the sliders in until that outside band is gone, being careful to leave the inside paper intact. More than likely a little bit of that outside band will be left. You use your selection brush to delete them-- I set my to "+" so I could delete them all at once. Just make sure when you go to delete, you have the correct layer selected on the stack.
I also added an art stroke to make it the edges looked inked.
I'm working on my "Building our Dream House" album-- I need to reduce one of the LO's and I'll post it so you can see it.