The watching only wallet will always correspond to the offline wallet you created it from.
And since restoring from paper generates the same wallet, it will still work.
Be careful about putting a password on the paper backup. One of the main uses (perhaps
the main use) of the paper backup is to recover from a forgotten password, so if your backup is password protected, you are lost. Unfortunately, one can no longer assume that the burglar is ignorant about bitcoin, so consider generating a 2-of-3 paper backup (any one backup stolen is useless to the thief, but if you lose one backup, the remaining two are enough to recover your wallet).