I don't see it. Newly arrived GM, Dell Demps first move isn't going to be dealing Paul unless Paul forces his hand with far more than this anonymous off-season leak.
Second, outside of off-loading Okafor's contract not sure I find the appeal in a Bynum/Odom package. Bynum is one of the league's best young centers when healthy, but that's the rub. He also looks to lack the maturity necessary to shoulder a team night in and night out. (Though maturity is in short supply in New Orleans at the moment...)
As for Odom, he's still owed a not inconsiderable $25 million over the next three seasons, and talent aside, probably isn't the sort of veteran presence/steady hand that a left in the lurch Hornets team would need. Anybody see him playing the good soldier - even accepting his Lakers sixth man role - on a lottery team?
If Paul puts a gun to Demps' head, then Dell should choose Orlando - I'd prefer a Nelson, Gortat, Redick, Bass and picks return on Paul and Okafor. Though admittedly none of those players has Bynum's ceiling.
EDIT - On second thought, Orlando can't offer sufficient return either.