Creating a "portfolio" for teaching used to be the norm for those entering the teaching career on the secondary (high school) level and below. My portfolio is HUGE (a 3-inch binder stuffed full of lesson plans, my philosophy of education, professional development, letters of recommendation, photos of my students, etc.), but I've only had one administrator ever actually LOOK at my portfolio and that was when I was interviewing for my first teaching position.
The move I've seen from many universities is to have their teaching students create virtual or online portfolios. If I were you and I were considering applying for a higher-ed. position, I certainly wouldn't create anything that was a step backwards in technology. If you choose to create a portfolio, spend the time and create a virtual one.