I have never tried it but I would imagine that if you painted the plates bright orange and let it dry well you could paint black on top of it. I would think that the black, not being able to adhere to the paper, would chip off larger than the hole leaving some orange paint to be seen around the hole, especially if you use a high gloss orange, or whatever color you want. If you wanted to make something to see other than black you could take some thin, 1/8" or 1/4", tape and make whatever kind of target you wanted by taping off squares after the orange dries and then paint the black and pull the tape. You could use those circle stickers to create a center too.
The up front cost would be more off the bat but you could certainly save money in the long run, that is if it really works as easy as I think it would.