Q: Trying to pair Bluetooth capabilities between New iPad and iPhone 4s

You don't.  This is not a feature of either device.

The exception is for internet tethering ( where provided by the wireless carrier) and from within some peer-to-peer apps from the app store.

It does seem that this isn't possible, but for some reason this reads as though you can use Keynote Remote on your iPhone to control a Keyntoe Presentation on your iPad.  I can't get it to work:  http://support.apple.com/kb/HT3325?viewlocale=en_US&locale=en_US