I measured the envelope and used these dimensions. Seems to work pretty well.
envelope size:
width: 7.125 (inches)
height: 5.25
recipient:
top: 0.4
left: 0.4
width: 2.0
height: 1.0
sender:
top: 2
width: 3
left: 2.5
height: 2
Last, change the orientation to the option on the right (there are two options for orientation--one button/icon on the left & one on the right).
As a reminder, these dimensions worked with the envelopes that come from ordering cards through iPhoto as of December 2009.