That has already happened. Go to
www.bitaddress.org, save his single .htm file, put a copy on an offline machine that's connected to nothing but a printer, and voila, you have a secure paper wallet factory complete with QR codes.
Yep, that's exactly how I started my process... But I wanted to paperize encrypted private keys, rather than simply store the unencrypted paper QRCodes gererated by bitaddress.
I ended up using a barcode scanner to input the address/keys from the bitaddress sheet into text files, gpg'd those batches and pipe it to a qr encoder, then import the qrcodes to a word doc to print and PDF it for distribution.
I wrote up a noob guide about the simple side of the process here:
http://bitcoinintro.com/offline-storage-of-bitcoins/