It sounds interesting. At least it needs the same "real-time" behavior as the magnifier. My guess is that it will not be easy to draw even with this VR aid. Having such a screen in glasses would make the process more natural.
Other than this comment, I cannot promise much - a proper such system should track the paper and project correctly even when the camera moves - so it's not truly simple unless one is satisfied by a simple fixed ortogonal projection.