Paddle ball with blender 2.66 rigid bodies

So, I’m trying to replicate a paddle ball in blender 2.66.
Is there a type of connection I can use to replicate the elastic string holding the paddle and the ball together?

Try adding a rigid body constraint specifying spring and selecting the ball and paddle. This will make them react as you want. The trick will be to model a string moving in the same springing manner. One idea would be some sort of IK rig (?). Another might be to use a long skinny soft body (with hooks?) or piece of cloth pinned to the ball and paddle. Not sure if any of this will work, but sounds interesting. Let us know how it goes.