Here's a possible method:
1. Set up a custom paper size for the Franklin Covey paper size. In Safari (or any application with the "File->Page Setup" option) go to "File->Page Setup", click on the "Paper Size" menu and select "Manage Custom Sizes". You can setup any custom size you want (in this case 4.25 x 6.75).
2. Now that the correct paper size is setup, go to iCal and go to the print menu. You can change the "Paper" option if you want - ideally you probably want to select a size with a similiar width to height ratio as the Franklin Covey. Once done with your other options, click continue
3. In the "Print" box that comes up, click on the drop down menu that says "Copies & Pages" and select "Paper Handling". In the "Destination Paper Size", click on the "Scale to fit paper size" and then select the custom size you made in step 1.
4. Print
This may require some trial and error to get it to work well. Also, what paper size are you printing to - a true FC paper size or a letter size (and then cutting it)?
HTH