Chargeback and you get your money back. Its their fault they sent the wrong item, they should have to pay for return shipping. Call paypal and explain what happened and that return shipping would be half the items cost anyway.
No, and anyway thats a stupid reason to close an account. What you should do is call ebay and ask how you should proceed with this then call paypal to actually file this. GL let me know if you need help or if anything happen