How I tackled it with 32 kids:
1. Color one paper. Leave the other plain.
2. Take the plain paper and cut even strips in one direction across almost the entire length of the paper (leaving about an inch from the top).
3. On the connected strip, number each strip 1 - however many strips they cut.
4. Take the colored paper and cut horizontal strips across the length of the paper. These strips need to be saved.
1. Fold up the odd strips from the plain paper, press down to make it flat. Students should not see any odd numbers. Lay a colored strip down over the remaining even strips.
2. Lay the odd strips back down to see all the numbers at the top of the page.
3. Fold up the even numbers and press down to only see the remaining odd numbers.
4. Place another colored strip across the page horizontally.
5. Lay the even strips back down, and then repeat the directions.
When done - take a piece of construction paper and add a lot of glue to the top of the paper. Slide the woven paper on top of the construction paper and press down. The end!
If it's a little difficult to understand then use the freebie I have below.
Here it is over on Google Docs. Hope it helps!