If Paypal find that the transaction was funded by a solen credit card they will reverse the payment even if it puts you into negative balance and allegedly they will pursue you later for non payment if you don't pay up.

I recently bought and item described as yours, "wont sent till paypal cleared " and had no problem waiting, it may be he didnt notice, I've missed a few that dont take Paypal and had to send cheques.

Dont send until you are happy.