'Paralog Companion' (the version of Paralog running on a Palm) does not support reading/importing GPS data.
Or are you referring to 'pocketParalog', a non-public proof-of-concept software build using J2ME which can read GPS data in real-time and give audible feedback on different parameters?
'Paralog Desktop' (which is running on Windows, Mac and Linux) supports reading the WBT-201 log through BlueTooth and USB after the jump. You will require a patch, though, as WBT-201 support is not public yet. Send me a PM if you are interested.
Examples for WBT-201 tracks can be seen in my logbook.