In reply to Nic:
I might be able to help. I have professional mapping software (ArcGIS) for part of my work and while my normal use is very different, I have done something similar for a friend to support a land-use application.
The posts from captain paranoia and apache capture the technical side well, and anyone's day is improved by Fraser's suggestion of a visit to the National Library of Scotland's website.
For a home-grown solution using a tracing-paper overlay, you might manage with 4 control points rather than a full grid. Effectively the corners of a rectangle bounding the area of interest - placed as marks on the satellite image at known OS coordinates to line up with your overlay.
As noted by captain paranoia, websites like GoogleMaps use the WGS84 projection so an OS grid would look skewed when placed on top (the amount of skew depending on the location). So you'd want to get your satellite image from a source that uses the OS grid projection (OSGB36) - like the NLS.
As long as your satellite image and tracing paper have the same OS grid projection - 4 control points are enough to successfully overlay the two. As others have noted there are issues with printers relative x/y scaling (which might vary across the page but let's hope you're not after high accuracy).
Depending on how big your tracing paper is, how good a printer you have access to, and your accuracy needs, this might be a rewarding approach and entirely in the spirit of what you're looking to do.
A more professional approach would be to take an reasoanably accurate scan of your tracing paper and use it to create a layer that then gets 'georeferenced' in GIS software (basically attaches a spatial reference to the image). That then allows you to do stuff like the nice NLS interface.
Very happy to help if you want to email me - either with steps towards the home-grown option or a more computer-based approach.