Actually, I'm working with this very method right now.
I'm using some posterboard I had lying around, printed out the peps on regular letter-sized paper, and pasted them on the poster board.
It's extremely hard to do with small things like a helmet, but working with the posterboard to make armor is pretty useful. It gets secure and hard to warp when you're securing things.
But when you glue the paper on, use a mixture of 1:2. One part glue to two parts water. That way you'll save glue, and it won't pile up in any one place.
I also recommend using a 1-inch brush to lay the mixture on the paper, and using a smaller, painter's brush for the details.
When finished pasting, let it dry for a day, then use a craft razor or an X-acto knife to cut them out. And be careful when making the folds. Don't go over them too many times, or it'll split apart.
http://405th.com/forums/index.php?showtopic=14537
Link to my current progress in making an ODST armor using the method of pasting paper on cardboard. Maybe you'll get some ideas, as well.