1. Whisk together first 3 ingredients in a large heavy saucepan. Cook over medium heat, whisking constantly, 8 to 10 minutes or until mixture thickens slightly. Remove from heat, and whisk in cream cheese and vanilla bean paste until cheese is melted. Cool completely (about 1 hour), stirring occasionally. Place plastic wrap directly on mixture (to prevent a film from forming), and chill 8 to 24 hours.
2. Pour mixture into freezer container of a 1 1/2-qt. electric ice-cream maker, and freeze according to manufacturer's instructions. (Instructions and times may vary.) Transfer ice cream to an airtight container. Freeze 4 hours before serving.
Total time does not include freezing.