Report Layout with Multiple Column Headings

I need to produce a report for a client that contains 30+ column headings. The client requires that the report fit on standard 8-1/2" x 11" paper, if it should need to be printed.

There is no way that I can fit all of the column headings across the top even with small margins (1/4" all sides) and in landscape orientation.

I see two possible options and I can't find any references to indicate which might be preferred.

  1. Stack the column headers in as many rows as needed across the top. This is advantageous because the headers do not repeat with the data and they can be shown at the top of each page. The drawback to this approach is it makes it more difficult to identify a data element with its heading.
  2. Place the headers next to each data element as a label instead. The advantage here is that the data is clearly identified. This is a much more verbose approach that will (unnecessarily) increase the number of pages in the report and could feel noisy.

Any other thoughts or suggestions?