From what I understand, saturated fat is the primary culprit of high cholesterol. Paleo nutrition emphasizes leaner meats lower in saturated fat (wild game, grass-fed, leaner cuts, fish, etc). These types of meats also have significant amounts of Omega-3's. Also, fresh fruits and vegetables (especially raw) contain fiber just like grain and also contain compounds (like flavonoids, phenols, etc) that have all manner of cardiovascular benefits.
And, in general, if you are working out, building muscle, taking in fewer calories, and lowering your body fat, your cholesterol should decrease as a natural result.