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Wash clams and shrimp thoroughly; place clams in saucepan with 6 cups water; bring to boiling, add shrimp and cook over high heat, covered, for 5 minutes. Remove from heat; pour off shellfish liquid to make 2 1/4 cups; set aside clams and shrimp in remaining broth; keep warm. Heat 2 tbsp oil and butter in 3 quart saucepan; add rice and stir to coat well.
Add reserved 2 1/4 cups liquid, salt, bay leaf and bouillon cube; bring to boiling, reduce heat, and simmer, covered, without stirring, for 25 minutes.
Pre-heat oven to 375~; meanwhile, in 2 tbsp hot oil in Dutch oven, saute garlic, onion and green pepper until green pepper is tender, about 10 minutes. Chop tomatoes; add to sauteed vegetables with olives, paprika and cayenne; cook 5 minutes longer; keep warm.
Drain shellfish and add with rice to tomato mixture; stir gently to blend; turn into paella pan or shallow, 4 quart casserole; sprinkle cheese over top of all; bake 10-15 minutes, or until cheese is melted and bubbly.
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