Yup!
This is what I do also.
Use PaperUI to discover/include new Z-Wave things into openHAB (and link them to items if not using manual config files for your items)
Use HABmin to manage the Z-Wave devices settings/parameters.
Ps: Some say that HABmin does a better job at discovering/including new Z-Wave things also 
(especially with the new refactored Z-Wave binding when it comes to secure inclusion).
Ps2: Hint: The main author (@chris) of the Z-Wave binding is the author of HABmin 