Having too many paper wallets might pose an operational risk. The risk is that you might lose some of them or even forget about those that have too few BTC. If your private key generation method is solid there is really no point in having more keys than necessary.
I still want to make paper wallets, and I was thinking of keeping a PDF as a backup, of course with a decent GPG-password, and still in an offline location.
One thing I only recently realized is that a paper wallet needs to be spend at once, as it's unclear where the change would go to. And after using it, it's no longer considered cold storage, as the private key has been used, so you need to make a new one.
For this reason it is useful to make several paper wallets, so you only use the amount you need and leave the rest untouched.