I would practice with real sheets of paper. The barrons book includes a few practice sheets you can fold and punch through with your pencil.
How I do it is go through the folds mentally in my head, and then work backwards. As in, I see where the hole is, and in my mind I unfold the piece of paper and plot the points where the holes are going as I unfold it. Im sure this is no big secret of course.....
Like I said, Id really just get those cutouts and try them. Its a lot harder to picture it on paper but once you actually have the object in your hands, it makes learning how it works much easier. In my opinion you dont want to waste time on elimination of answers for this section. You just want to get the correct answer in your mind and then look for it. Our brains work differently than each other though, so really its whatever works best for you, but id give those cutouts a try.