This is the route that I use to farm Paragon/Loot in Patch 1.0.8, I believe I got this route from Druin if I remember correctly, so credit goes to him. Runs usually take 20-30 minutes, and i've done very well both in loot and exp.

The video doesn't show me with a 5 Stack as I enter the Decaying Crypt, I actually found an elite at the end of the 1st level(Bandicam Trial Version), so if you only have a 4 stack at the end of Festering Woods, no worries, just go to Fields of Misery and hopefully you'll get lucky and get Decaying Crypt where you can find a few elites to get you to a 5 stack. If you have more time on your runs, you can farm all of Fields of Misery and continue through Weeping Hollow or elsewhere in Act 1.

1. Leoric's Manor

2. Festering Woods(You should have at least a 4 stack of Nephalem Valor)

3. Fields of Misery( If need be get your 5th stack of Nephalem Valor by finding the Decaying Crypts and running through it until you find the Elite, have the mothers spawn as much corpses as you can)

4. Clean up on Loot/Exp.

Hope you all enjoy,