There used to be a shop in Acton, California; Moose Mountain Archery. The entire wall of the shooting range was phone books stacked up with the bound edge toward the wall. They were somehow compressed from the top a bit to hold them in place. They really stopped an arrow nicely and held up for a long time. There were no other targets used, just pin paper to the phone books.
The owner said the phone company gave the old books away for free; he has hundreds stacked up.
It wouold be a lot of work but you would not need any targets.