Paper can tell you lots of things, but as some have said already, your form (release, especially) must be pretty good in order to see much from paper. With wheels and mechanical releases, it's much easier to diagnose what the arrow is doing from paper, and basically any arrow that is stiff enough can be made to shoot well from a compound, by virtue of the rest adjustment. If you google O.H. Adcock's bare shaft planing method, it will give you a link to that, and I think that method works pretty well for most shooters using trad bows with fingers. As he explains, it does not depend on your form being excellent in order to read the results. You might shoot through paper for ten years and never be able to get a bullet-hole with fingers.