yes its possible and no you dont want to do it (will be so much slower its a pain and bugs you all the time)
while leveling make sure to take the gearpieces with bloodlust so you regen health all the time, then its a breeze to level up
paladin is currently one of the best classesonce you are max level, you can do the "path of greatness" quest which results in a 2nd skilltree (spec)
this means for a small fee in mirra (buy with gold from NPC) you can change between 2 builds
most players have 1 build for PVE (high dmg) and 1 build either for PVP or as tank
this means as a free player there is no problem at all for you
major patches / skill changes also means a free automatic skillreset and sometimes 7day infinite free respec items (water of death) is sent to playes "to experiment"
also keep in mind you can always exchange gold for BC so as a free player you can still get the items from shop of curiosities - i do that over 8 years now