I've done that it my time, with satisfactory results; even ordinary thin paper might work. If one does that, it's obviously essential that one has the printed side in contact with the board. One might expect that, by introducing diffusion of the light very close to the board, tracing paper might tend to increase 'undercutting', but I don't recall that having been a problem.I have read that tracing paper rather than transparent sheets for printing the pattern gives good results and resolution with inkjet, but never tried it.
We are,of course, spolit by technology these days, even though the etching process remains more-or-less as messy (for those of us who don't have fancy machines!). When I first produced etched PCBs, over 30 years ago, I had to create the layout manually on paper using 'Letraset' or similar rub-on transfers, photographically transfer the design onto sheet film, then invert (positive/negative) the image, again using photographic film. For simple 'low-definition' one-off boards, one just used an 'etch resist pen' directly onto bare coppper!
Kind Regards, John
