heres what i did for my tumblr account. I created a very simple HTML hyperlink using the bits of code from the button creation form. In a seperate document, create your own hyperlink with an href=URL and an img src=URL. Now in Paypal, after you create a button, it will take you to a page that displays the HTML code and an Email URL.Copy the Email URL and paste it into your hyperlink like the href text below. Then, from the HTML code, copy out the URL to the button image.gif, and paste it into your hyperlink like the img src text below. Now copy the entire hyperlink code that you created to your clipboard. <a href="https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=EXAMPLE" target="_blank"><img src="https://www.paypalobjects.com/WEBSCR-640-20110306-1/en_US/i/btn/btn_donateCC_LG.gif" /></a> In tumblr create a new text post. Click on the "edit HTML source" button, and paste in your hyperlink code. click "update, click "create post", and you're done.
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