Well if you want to maximize absorption then there are million patents out there involving just that. They typically try to decrease particle size, use lipid carriers or even nanoparticle coated in polymers(these will actually penetrate the CNS).

Most drugs gets absorped from the upper part of small intestine very easily, leaving little to nothing in the lower part. These drugs typically peak 30-90 minutes after swallowing with a glass of water.

I doubt paper would make any difference(perhaps +10 minutes), it would probably diffuse out rapidly because of the large surface. You want to minimize surface area.

There a number of strategies used to make extended release tabs but here's an idea off the top of head: make a saturated water solution(milliliters) of the drug then soak it in something that normally takes a long time to digest such as dietry fiber(or some kind of hard nut/shell?). Remember to dry it quickly afterwards.

If it gets out in the other end intact, then you've made it too good LOL

The fiber would probably produce the most predictable result if you dried it and then compressed it.

You could also experiment with stearic acid(not paraffin) from candles. It could possible encapsulate it but still let it be digested slowly.

Don't worry too much about it passing through unabsorpbed, the digestion system is very aggressive and it's followed by bacterial breakdown. It will get digested and released sooner or later 'down the line'.

Before you try anything, Google the patents on formulating such compounds. They have been experimenting with this for many many years, no need to reinvent the wheel.