I've thought of using newsprint, have not tried it yet. You can get endrolls from your local newspaper very inexpensively...not much more than you would pay for a sketchbook and have lots more paper. At ours they are in the $7-$12 range depending on size. Single page width with about 1"-2" paper left would be the $7-$9,double page width would be the $10-$12 pricing.
Works great for packing paper too.
Newsprint might tear off more easily than the tracing paper.