I'm suggesting a mix of technologies to make it harder to cheat. A combination of technologies like public key encryption and strict accounting could make it harder to tamper with the vote counts. Now, your idea has the benefit of simplicity. It might be improved by adding a bar code to the paper printout with encoded information that would make it harder to print fake votes.

Of course, there are several things that need to happen before we'll ever have clean elections. For example, I believe we need to wipe out all of the voter registration rolls and have people re-register with proper ID. In some places, there are more people on the voter rolls than live in the city. There can be dead people on the rolls and people who have moved out of the area. This opens a huge area for vote fraud.