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Would be tough cutting the spiral and maintaining structural integrity with all those holes. It would be an exercise in precision.
Reading about toasters it seems the newer dualit models take into account toaster temperature to ensure the second round of toast is cooked to the same toastedness. This appeals to me.
The instructions for a classic also mention heating up the toaster first to reduce uneven toasting. Ain't nobody got time for that.
If you cut a kind of spiral hole in it, you might be able to unfold it to make an aperture big enough to fit the toaster through.
Dunno why you'd want to though.