No. The power transferrence in a rail gun uses the formula:
F = BIl
where F = force, B = magnetic field intensity, I = current going through the rails, l = length of rails
Magnetic field intensity is the thing we are looking at here. Paramagnetic is in the order of a few tens, if not hundreds, of times less than a ferromagnetic substance, IIRC, which means the current (I) requirements for the same amount of force (F) would be 10s-100s times more (since length (l) is fixed also).
However, this is *minutely* compensated for when you consider Ek = 0.5mv^2, but that is no where near enough...