hmmm... what you did with the paper was very standard-aged-look effects done at home. what I did for a project when i needed to do an ancient news paper was I first, like everyone, burned the edges. What I did that was a bit out-of-the-box was I took a pan that was larger than the paper, poured some hot water in it, and then mixed some coffee into the water. I then dunked the entire paper into the light coffee-pan. that's right, the entire paper. Ink, coloring and all. I quickly pulled it out and dried it with a blow drier. (make sure to not focus on one particular place for too long with the dryer, as you will actually burn the paper. this can be used to your advantage if you know what you're doing, however.) Then, after it's dry, take a lemon and squeeze some on different areas of the paper, and then use the blow drier to dry the juice into the parchment. What this does *NOTE: if this is done properly, that is* is quite a few things. First off, it makes the paper kind of stiff, second wrinkly, and third makes it look very, very old. Also, the brown from the coffee stains the entire paper, and it makes the ink and coloring slightly faded like a real ancient parchment. the reason why i used hot water is it adds to the damage, and also the heat will cause uneven stains, like in real parchment. If this is done correctly, it looks great, and will beat out the competition of other students. (I'm assuming this is a school project, if you haven't noticed.) The lemon juice also make acid burns on the paper, which are different from fire burns. Acid burns, unlike fire burns, occur naturally in all papers that aren't resistant to acids after a period of time, giving the paper a very realistic look. I would suggest expirimenting on some test-papers before doing this on your actual assignment.
If you need the paper to be digital, i suggest using an image of a parchment, making it looked aged with burn tool and transparent colors, then using the text tool to write on it (for ancient assignments, my favorite text is old english) then put the images you need into the parchment and fade the color using the levels tool and then going over that with the burn tool as well. hope either way helps.