What about drawing a polyline at the clip border, offsetting it 'x' amount, use both those polylines as trim boundaries then creating a fence at 0.5x to trim all the entities that cross both boundaries. Then you can erase all the objects remaining in the inner boundary if you need a 'hole' or erase all those entities that don't lie within the inner boundary, if you want to 'clip'.
It might not work for every entity, but it should get most of them. You will have to zoom to at least the extents for the largest boundary since trimming seems to, if I remember correctly, work only on objects that are visible on the screen.