Mike, actually Dan's suggestion of doing this out of LR makes sense, if you have LR. The LR print module operates like a RIP in terms of its print layout features, mitigating some of the quirks of the printer driver.
But if you don't have LR, my sense of what Epson means in the manual is that by selecting "Single Cut", you will save paper in the sense that even though there will be a white border between the prints, it is less of a border than would have occurred had you set it to cut each print individually, because in the latter case the driver would have advanced the paper MORE in order to do the cutting. So it's not a case of waste versus no waste, but less waste versus more waste.