Catboat, yeah, lead will penetrate paper. Pretty often anyway. But getting good clean holes is another issue. If you score a lot of targets or compete, you will find a lot of utility in good target paper.
For patching another paper that I have used with good results is cooking parchment. It is very tough, does not take on much water and is slick as hell (probably silicone treated). For sure it works, but it does not like to roll easily. Or rather, it unrolls very easily. But if you practice with it, it will work very well and is water resistant (good for hunting) and slick in your bore.
Brent