This is reply to myself (and perhaps others which have or will have similar
problem) since no one else managed/bothered to suggest any solution ;)
Apparently an add-in program named "printout manager" for onenote has been
out for quite a time which notoriously I failed to notice.
The program does exactly what you need if your printouts/or pasted images
are either too small or too large. Very handy tool.
http://blogs.msdn.com/johnguin/archive/2007/09/19/an-addin-to-manage-printouts-to...