If I update my iPad will I lose all my paid apps?

Will I lose all my paid apps if I upgrade my ipad

No.
See Here...
Updating to iOS 5
http://support.apple.com/kb/HT4972
If you have any issues... See Here...
Download Past Purchases
http://support.apple.com/kb/HT2519
Log into iTunes using the account the Purchase was made with... Click on Buy... and a notice will come up saying you already have it... do you wish to download it again... Click Yes...

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