“So Paypal don't hand over your money.

So instead eBay seek to recover funds by charging you via seller invoice.

You don't pay.

Your eBay account is restricted for non-payment”

The problem with the above is that eBay’s ability to impose sanctions is limited to those specifically provided for in the Agreement, and in so far as it is relevant, he sole remedy that Agreement provides in circumstances where “…sellers do not provide eBay with a valid reimbursement method” (which is the practical effect that revoking the consent), is “we may collect the outstanding sums using other collection mechanisms, including retaining collection agencies”. 

Now if eBay is stupid enough (and they are not) to follow the course of action you propose, then I would immediately phone eBay and give them 24 hours to lift the restriction, and if they don’t I will lodge a complaint with the SA Office of Consumer Affairs, with a CC copy to the ACCC, the Financial Ombudsman Service, and the Insurance Council of Australia, on the grounds that by imposing a sanction not provided for under the Agreement eBay is engaging in unconscionable conduct - which then opens the door through which I can introduce issues like - is the Guarantee a policy of insurance, and if yes, is eBay licenced to provide underwriting services in Australia; is the Guarantee legally binding on sellers in that it appears to attempt to impose contractual obligations in the absence of consideration etc. etc

Like I said, yes they could do as you suggest but are they that stupid