Squadgy
For fan-fold the printer obviously has to 'index' with the print media. In the IER512 this is achieved using a black line at one edge of the media, situated some distance from the perforations.
On the older versions of the printer if the media was loaded incorrectly the printer would continually feed! - it did show how athletic controllers could be trying to hit the stop button.
Looking at the LP2824 specifications, it appears to have two indexing options - either a black line across the back of the media at the perforations (mark), or an optical sensor that identifies a difference in the surface reflectivity (web). It has however been designed with better safety features - it stops feeding after a maximum of 39 inches if it does not identify an index!
I do not think that the change in reflectivity at the perforations will be sufficient to trigger the web sensor, so I think you will need to rely on the black line mark method.
I suspect that the fan-fold media you have identified is probably marked for IER512 printers, so you may have a problem.
I recommend you ask or get a sample to check how it is marked and also check with a Zebra distributor.