could I be anal for a moment....?
The weight of an object only effects the speed at which the object accelerates,
Negating air resistance, all objects accelerate at the same rate regardless of mass. See Gallileo's Tower of Pisa experiment.
Weight is the downward force of a mass caused by gravity, weight being measured in N, if we're to be pedantic.
Air resistance, or drag in this case is an upward force caused by a number of factors but, taken as a whole rather than the nitpicky parts will be an upward force, also in N, which will vary with velocity. Double the velocity, quadruple the drag.
Terminal velocity is reached when your weight (in N) equals the drag (in N). At this point acceleration = 0 and your velocity will be steady.
If you were falling and took out a paintball then I reckon it would decelerate until it reached its own terminal velocity. A paintball is low mass and therefore weight (downward force) is low. So drag will most likely exceed this force causing it to slow down, therefore, relatively to you appearing to accelerate upwards.
You might have a few seconds to pop a few shots at it.
Having said that, I like to think I'd be more busy trying to steer towards a haystack, but since in this example I know I'm toast, I'd probably see if I could spot my house instead.
Disclaimer...... There's always one. In this case probably opened his mouth and eaten foot. If I'm wrong, please disregard the above as utter claptrap but do be sure to remind me I'm possibly retarded...... oh, and very very very bored with this afteroon.