I really like that paper texture.
Except the perforations should have a line of paper after them.
It's hard to explain what I'm saying.
Here's a picture I found on the internet:
The torn, dangly bits on the right would give it more interest.
Maybe have silhouetted hands holding it, then have it return to the bottom of the screen.
So it looks like you're holding it up.
Might be weird considering you can see yourself/the world behind it.
But that's the kind of thing that falls under "video game logic".
And doesn't really ruin immersion.
Not any more than a paper flying in your face does to begin with.