I can't speak to pluses and minuses but I can tell you how we make a very successful mortar for our papercrete block house under construction.
It is based on a traditional mortar mix. We make our slurry from newprint to the consistency of oatmeal with the emulsifier shown in the Photos section. We wet the blocks before laying up.
Into a mixer we throw an almost full 5gal bucket of sand, 1qt of lime, 1qt of Metakaolin, and 6qts of Portland. Mix. Add about 12qt of slurry adding gradually until the consistency is right. Mix about 7 min.
I hope this is useful.
Eli
BTW check out some pix of the project at http://picasaweb.google.com/eli.verdesystems
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