There is also some relevant information here (at top):
http://www.toyassociation.org/AM/Template.cfm?Section=FAQs4From what I've read several places ink is exempted if it is bonded with the paper. Therefore you would have to test the paper.
If you have ever had a book printed you know it makes no sense to test the end product. Small runs of books are very expensive. You get the best prices per book printing 1000+ but who is going to risk that expense + testing to find out they have to throw the books out? That would lead to the death of self-publishing as well as publishers taking any chances on new authors.
It would make more sense for the printing company to certify the papers/inks they use.
Publishers and libraries are fighting this, so hopefully they come to their senses and allow component testing or exempt books.
Otherwise I think we will have to wait and see what the print-on-demand companies do.