Sure, you must keep it away from light and heat, you can laminate it (no heat, remember, cold laminating adhesive pouches are good though) to protect against friction/rubbing on other surfaces.
The common thermal paper usually it's guaranteed to last 5-7 years, you should re-make another paper wallet and transfer the funds to the new paper wallet.
I searched for a "photo pocket/mini printer" but I found nothing under 100 bucks that was inkjet (not thermal), linux compatible, and suited for the project, if you know of one please tell

but I think we'll have to wait some time for it to appear on the market at a decent price