I like this idea. I've tried this but it doesn't always win since Dark magician decks have two main weaknesses: DM is a normal monster and a 2 trib monster, despite the support. Dark Paladin has one main weakness: it's a fusion with restrictions. So lets try to work around them both.

First, for a DM/DP deck, no Buster Bladers. They are tribute monsters that don't help DM, but only DP and that is not your focus. Fusion subs have the advantage of being played in case of topdecking and if you need a monster on the field at all costs. In addition, Old Vindictive Magician can possibly kill your monsters also. Limit that problem down to 1. Replace with 2 Magician of Faith (DB1-Rare, SDJ-common) so Apprentice has at least 1 magician to retrieve. More polymerization are necessary (SDJ-common)

-2 Buster Bladers (PSV - super rare)
-2 Emblems of Dragon Destroyer (MFC-common)
-1 Mystical Elf (SYE - common)
-1 GK Guard (PGD - common)
-1 Old Vindictive Magician (MFC-common)
-1 Chaos Sorcerer (not enough LIGHT monsters) (IOC-common)
-1 Draining Shield (AST-rare)
-1 Kuriboh
+3 King of the Swamp (AST-Rare)
+2 Magcian of Faith
+1 Polymerization
+1 Giant Trunade (since I'm assuming you don't have a Breaker) (SDJ-common)
+2 Night Assailant (DP discarding) (AST-common)
+1 Compulsory Evac. Device (Structure Deck 1-common) (replace GK Guard)

These are my budget deck recommendations. I listed where you might get some cards because it seems to me you might be lacking in resources.