Paleopagan is a misnomer.
According to my information Pagan was a term adopted by the Romans during the expansion of The Roman Empire. The word Pagan is from the Latin paganus or pagani, meaning country dweller or civilian. Originally describing someone who wasn't noble or militant, but rather someone who worked the land to produce a product. These people, beyond the influence of the new Roman religions were often still practicing the traditional religions of their culture. This was frowned upon by Rome, and the term Pagan eventually came to be used as a derogatory term for anyone not practicing the proper religion and in need of conversion.
Later, when Rome turned Christian, the Pagans were again the last to be told and consequently the word Pagan began to be used as a term for anyone not practicing Christianity. As far as the Roman Church was concerned if you weren't with them, you were against them. So for centuries paganism has been associated with the anti-theses of Christianity, devil worship, regardless of whether or not such a thing was true. Most modern Pagans will tell you they have nothing to do with devil worship. The modern pagans, like the revived druidic orders and Wiccans, while believing in a form of "magic" are usually just new age spiritualists wrapped in different wool.
Paleo is from the Greek palaios meaning ancient. In modern scientific terms it normally appears as a prefix indicating prehistoric, i.e. Paleoethnology.
As you can plainly see the term Paleo excludes Pagan. Paleo refers to something prehistoric, Pagan refers to a cultural designation that is in fact historic. Before being labeled Pagans they were just normal people practicing the traditional regional religion.
Grats to Tiefling, who pointed out a few errors in my original writeup.