Yes this can be done, but it is tricky to do. I would tend to call the process of using hand-drawn/inked/dyed masks for image exposure (burn/dodge) at the paper plane a last resort. Paper plane flashing on the other hand is less problematic.
Tip: If you are planning on using a pencil or ink burn/dodge mask at the paper plane (for example a sheet of clear acetate sitting on a sheet of clear glass), make sure the glass is on the printing paper the whole time, not just for the burning/dodging. Otherwise you could end up with some blur or a double-image due to refraction from the glass.