That actually does not sound too unreasonable of a process.
Except that it depends on
1: All PCs that open the file being uncompromised.
2: The distribution method for the file being uncompromised.
3: The printer used to create the hard copy being uncompromised.
4: If a network printer, no possibility of sniffing the unencrypted data going to the printer.
Modern printers and copiers are underrated as hacking subjects. There's no limit to what people print out, and they assume that it's a very safe thing to do. Yet if i have access to a modern printer or print server, I can ask for a copy being mailed to me of every printed document. When was the last time the IT department eyeballed the configuration for each printer, looking for anomalies?