I give you this:
I really like this idea, but then I am an IT architect and we like to stand up and draw on walls (ok, whiteboards). A whiteboard would also work, but if you have kids, there may be times when you want to save anything they did. Or never mind kids: maybe your own doodle was keep sake worthy.
By the way, you can get such paper dispensers at IKEA. Most people mount them on a table, but clearly the wall is an option too.