Potentially you could add javascript to the page  or the page layout to
format the page by making some elements of the page, such as
navigation invisible.

The easiest way that I've seen this done  is to create a print  Only
Cascading Style sheet. Then when you go to print the page  it uses that
CSS and filters out anything where you've marked display:none (for
example most of the navigation elements on the page). I've been playing
around with it, but haven't worked it all out yet, although I will be
presenting on how to do it at this Fall's SharePoint:Connections
conference. (I know that's a bit to far out to be helpful to you, but
it's a start.)

Fall might work actually, although I don't know if I'll
be funded to go to the conference. Would you mind keeping this list
up-to-date on developments with regard to this? Whatever brilliance
you feel like sharing would be much appreciated.