I love paper piecing, I love the precision and perfect points it creates.
It *can* be a wasteful method, but if you're prepared for it to take a little longer than normal it won't waste a single scrap. Simply cut out each piece as if you were going to rotary cut and piece normally, and use those on your block. You have to make sure you have them lined up correctly each time, and pay a little more attention than if you use huge bits, but it's worth it.