How long ago did you reduce the dose? I ask because just like increasing, reducing can cause some side affects for a while. You may want to give it a little more time...
Have you sought out therapy, or just taking paxil? If you have not learned CBT, relaxation, etc., I strongly suggest it.
I was on 30mg Paxil for about 6 years or so. I wanted to see if I could do without it and with doc's guidance really slowly (like 5mg every 6 mos) decreased.... I got down to 10 mg just fine. Had the occasional anxiety, but with the tools I learned in therapy was able to get thru it quite painlessly. When I tried 5 mg, the anxiety was too prevalent for my liking. Went back up to 10 mg and have been there since.
As for going up and down for a few days, I dont think it would hurt you, but not sure if a few days would give you a real answer. I'd suggest therapy while you are fairly "comfortable" with your level of anxiety (IMO it makes it easier to learn the techniques). Then I'd lower the dose to a point where you are comfortable with the level of effectiveness and side effects. Of course, your doc should be part of the process too!
Hope this helps!