One thing you can do is make an object or layer that is white and has a cut-out section where the boundaries of the page lie. Change its invisibility to knock out the bleed.
The concept of "formal" bleed is a loose one anyway. Bleed isn't really anything more than extra image content to account for printing and cuting misalignments. By formal bleed I mean the ability to set up "bleed" values, and the ability to export PDFs with defined bleed regions. At the end of the day I've never had a printing company ask for formal bleed settings. They'll just specify "half-inch" or whatever and you change your document dimensions to account for that.
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Illustrator doesn't actually do bleed. You need InDesign or Quark to formally set up a page bleed.
A 'page preview' option would be useful though.
The concept of "formal" bleed is a loose one anyway. Bleed isn't really anything more than extra image content to account for printing and cuting misalignments. By formal bleed I mean the ability to set up "bleed" values, and the ability to export PDFs with defined bleed regions. At the end of the day I've never had a printing company ask for formal bleed settings. They'll just specify "half-inch" or whatever and you change your document dimensions to account for that.