I limited to two pages when I was on paper lists
I also used my Franklin-Covey planner with tabs for each type of list (projects, next actions, waiting for, someday/maybe etc). For each context, I limited my active list to two pages, crossing off completed actions as they were done. When I filled the second page, I rewrote anything still undone from the first page onto a third page. This gave me an opportunity to renegotiate that action (delete, delegate, someday/maybe) or rewrite it or recommit to it. When I got to the end of the third page, I rewrote any incomplete actions from the second page onto the fourth page and removed the paper with pages 1/2 from my planner.
It worked for me but I have a lot of action items (each page would hold 35-40 entries) - your threshold may be lower and you may want to keep it on one page.
Or perhaps you are better able to get everything done than me and you can just do everything that is not yet done and not need to rewrite!
Good luck - paper is a great way to get started with GTD.
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