I took this approach when I was in grad school because I find it much more enjoyable to read and take notes directly on a physical copy.
The problem with this is that you end up with giant stacks of papers that take up a good amount of physical space. Every physical copy becomes a subsequent judgement of whether you need to keep it or recycle it. It's easy to accumulate a large stack of papers: (1) that you _intend_ to read, or (2) mediocre papers that create a sunk cost situation because you've invested time in printing out and taking notes on it.
On the face of it, a tablet reader seems like it would solve this problem, but I've never had the desire to invest $300-500 in one.