What I know so far about paper ninjutsu is
+ its the art of using various paper forms such as paper plane, paper shuriken and different types of paper folds that I can't recall their name right now to do battle, by battle I mean to using the paper to damage, maim or disable. A unique feature of paper ninjutsu that I note is that it rarely make use of hand seals or gestures thus making it hard for the opponent to deduce what the user will do next, another feature is that the control of the paper is limitless, the paper can bend to the will and thoughts of the user
+ the system behind the paper control isn't well defined to my best of knowledge, according to naruto wiki it simply state that its the infusing of the user's chakra onto the paper but it doesn't explain how the user can change themselves into paper as well.
+ there is only one known user of this technique and that's konan of the akatsuki
This is the depth of knowledge I have on paper ninjutsu, hope it is enough?
Paper ninjutsu is style of fighting that was only seen using by Konan and that was originally made by her. Paper ninjutsu works in such a way that you infuse your chakra into paper sheets and then use them to your advantage. By infusing chakra into paper you can control that little paper how you like, in a very creative yet deadly way. Even though using paper as a fighting weapon sounds very foolish at first and doesn't look so intimidating, it is very durable to many things that may be declared as its weaknesses. This type of ninjutsu allows user to even convert their whole or parts of bodies into paper itself making user non vulnerable to any type of taijutsu attacks because any kind of physical attack will just go trough body of user. Another great thing is that the rapidness,speed as well as strength of paper that are caused by excellent control of it represent a great defense from fairly strong Fire techniques making paper neutral to fire. User of paper ninjutsu is able to make paper so sharp that it is able to cut through rocks making it also neutral to Earth Release. Paper ninjutsu is strong against Lighting Release because lighting can't be infused into paper which means that paper is a great insulator. Paper ninjutsu techniques,like every existing techniques,have weaknesses. One of them are liquid-based techniques, like Water Release and techniques based on oil,because they make paper heavier,wetter and unable to control. Although this is weakness of paper ninjutsu,in manga as well as anime we saw Konan using it to her advantage. She purposely made her paper to soak water and in that way used wet paper to help her defend from fire although in our RP Paper ninjutsu is neutral to Fire Release. One more thing that we saw in manga is that Konan used water to wash the oil off of her. That happened when Jiraiya used oil based technique on her completely stopping her movement. In that situation water helped her to wash the oil off of her,allowing her to move freely again. One more weakness of Paper Ninjutsu techniques is Wind Release because wind is able to cut right trough paper. One more advantage of paper and why it is so good is that you are able to use explosive tags instead of paper,which are going to explode when they come in contact with opponent causing serious damage. In the manga we saw Konan greatly using this ability to stun her opponents. She would mix explosive tags with her clones to make them rush towards her opponents and surprise them. Also we saw her combining it so well that she was able to stop Obito from transporting himself and even making such a strong shinobi as Obito to lose one of his hands and almost his life.
+ this form if ninjutsu is weak to water and oil based technique, the effect is that the paper become heavy and harder to control. An added advantage to this technique is that the paper is not weak to fire jutsu and almost on par with lightning release.
You are correct for the most part when it comes to weaknesses and strengths of paper ninjutsu however ;
✘ Paper ninjutsu techniques are neutral to Fire as well as Earth release techniques.
✘ Paper ninjutsu techniques are stronger than Lighting release techniques [2x] because paper is a great insulator.
✘ Paper ninjutsu techniques are weak against Water release techniques because water makes paper wet,heavier and harder to control.
✘ Paper ninjutsu techniques are weak against Wind release techniques because wind can easily cut trough paper.
Any questions?