what deformation are you after? If you just want the papers to be bended while falling,and flaten when they get on the floor, you cold fake the effect by passing particles into a new event, where the animation of flattening is started. if you want them to get edges folded, it will be a hard one. maybe attatching objects to particles.
then when they are on a specific height near floor, delete the particle. so the objects animation will stop. bake the animation. then use reactor from this frame.
but I’m not sure if you can set reactor to take animation into account and simulate from the last frame. or something like that.
but at least you could get your motion with particles, and do only the reactor by hand.
But of course, TP would be the simpliest way to try 
