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sub both_at_once {
    my $data = $testdata;
...
    $data =~ s/(^\s*|\s*$)//g;
    return $data;
}

Benchmark: timing 100000 iterations of both_at_once, both_at_once2, do
+tstar, first_n_last_1, first_n_last_2...
both_at_once: 10 wallclock secs ( 9.04 usr +  0.00 sys =  9.04 CPU) @ 
+11061.95/s (n=100000)
...
   dotstar:  9 wallclock secs ( 8.30 usr +  0.00 sys =  8.30 CPU) @ 12
+048.19/s (n=100000)
first_n_last_1:  6 wallclock secs ( 5.77 usr +  0.00 sys =  5.77 CPU) 
+@ 17331.02/s (n=100000)
first_n_last_2:  2 wallclock secs ( 2.31 usr +  0.00 sys =  2.31 CPU) 
+@ 43290.04/s (n=100000)