Sure you can buy the cheap .22lr and plink all day long without spending a lot. Once you make the jump to high quality .22lr ammo however the price gap between the others narrows.
.22 Mag. I bought two boxes of 50 for my Single Six the other day at the gun show for $7.95 apiece. I should have bought more! Crap, only 2 years ago, you could buy a box of 9mm for that price
Most rounds are great for something, or they would never have been made. You just have to figure out if that something is what you want the thing for. And that's not always as easy as it sounds.
For paper-punching I'd go with the .22lr and spend the money on a rangefinder.
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