I read your concern and here is my recommendation... As a platinum powerseller on eBay, in a situation similar to this one I recommend doing the following:
1- Don't ship the item. Contact PayPal and give them the transaction number and let them know that you will not ship the item unless they are going to protect you in the case of a chargeback or un-authorized credit card use...
2- Go to your eBay account, file a dispute against the buyer for non-payment! Yes non-payment... Close the dispute by choosing the reason that he is no longer a registered user... That will prevent them from leaving you negative feedback.
3- Hold on to the product, and if you do end up shipping it, since it is over 200.00 USD make sure you send it with signature confirmation! If you don't add that and they claim non-receipt, PayPal will take the money back...
Advice: F*** PayPal, eBay sucks ass avoid them and sell on your local cragislist... Good luck!