Unless you plan to make your own cutting jig, the tool of choice is usually a Rotatrim, which is a very handy thing to have for many photographic purposes. I've cut down 8x10" to 4x5" and 4x5" and 5x7" down to 2.25x3.25". It takes some practice and experimentation, but it's probably safer and easier in the dark than using a guillotine type cutter.
I know Jim Galli has cut down a lot of aerial rollfilm for use in sheet film cameras, so maybe he'll report in here.