Tartan, that is a really good idea.
However you might want to consider some other way to secure the whole thing rather than using a rubber band. Maybe velcro? I used rubber bands to secure some of my longarm patterns and they eventually dried up and ended up sticking to the paper pattern. I now use "Hugo's amazing tape" from Superior Threads which sticks to itself to secure my patterns although I don't know if it would work for your large roll. Just a thought.