Using letter paper with prosper

Prosper is a LaTeX class for creating slides for presentations. Unfortunately, for those of us who live in North America, the included templates only work with A4 paper. However, with some munging, you can get your slides printed out on letter paper. I know of two ways of doing this, each having its advantages and disadvantages:

  1. Add the line
      \hypersetup{letterpaper}
    
    in the preamble section. This modifies the paper margins so that the text will fit in letter paper. It does not do anything to the background graphics, so this will work better with some templates than with others.
  2. This tip was passed on to me. You can use the psresize command to resize the pages to fit letter paper:
      psresize -PA4 -pletter in.ps out.ps
    
    This will just shrink the page so that it fits, so the margins will be larger, and the text will be smaller.