'twill whizz up into a decent paste just fine, especially if you use my super secret squirrel cheapie paste cheat -  coop and / or sainsbury pizza base mix.  

Add a sachet of the stuff to your whizzed up bits and then 'activate' by adding just a wee bit of boiling water and whizzing again for a second or two.   The minute hot water hits the pizza base mix it binds everything everywhere into a solid ball and the yeast and strong flour binders go mad.  After a half hour or so its perfect, sticky, but soft and works a treat.  Just not too much water tho, avoid sloppy.  If too much added then breadcrumb kneaded in will do the biz.

 PS.  Once made up it freezes lovely, no probs.

Like Evan said you can get to a nice putty like mix that will stay on the hook by adding crumb. Just liquidize some white bread and add a little at a time.

I've made some great pastes in the past - never understood why I've never caught anything with them.