Problems with bluetooth pand on rooted android 2.3.1 device
I can't specifically answer your question, however, what I've found BT paring my Nexus 7 (JB 4.2) to my (rooted) Motorola Defy phone (Froyo 2.2.2), using standard setup panels, is similar. That is, it works the first time. On subsequent attempts, I see a 'connecting..' message then the BT Paring/Connection panel quickly returns to 'waiting for user input' with no connection. 

In order to 'fix' it I have to reboot the Motorola (phone).