You may justify and make excuses all you want, Paul is an anti-semic little weasel.
One can argue that the state-building strategy and its execution were an action contingent upon a misinterpretation of Judaism and the promise of reinheriting the holy land; that said, Israel is here - it is a fact, and US foreign policy must act upon that fact. Arab nations must accept that fact and grant Israel a right to exist.
However, now that modern Israel is a state, one can criticize it for non-religious reasons -- i.e. criticize its foreign and domestic policy, its wisdom and its efficacy, the way one judges any group that manages its resources, its people, and its relationship with its neighbors.
BTW, these are my thoughts and not Ron Paul's. He votes against everything UN, even/especially the well-intended pablum.