https://github.com/4bitfocus/asc-key-to-qr-code looks like it is trying to do that, though the issues on the repo suggest it might not work 100%, which is kind of a deal-breaker.
I'll actually be doing this soon I think. Previously I used http://www.jabberwocky.com/software/paperkey/ which is quite good, but it's like two pieces of A4 filled with text which would be a huge pain to restore.