Loki plays like that too. He doesn't usually growl or make a lot of noise (unless he's trying to get another dog to chase him), but he definitely throws his paws around as much as he can when he's playing.
Thus far, though, it hasn't been a problem with other dogs, even ones who don't use their paws much during play. His best friend is a female dog next door names Onyx, a chow mix that's about the same size as Loki (around the fifty pound marker), and they fight like crazy and chase each other around. Onyx doesn't play like Loki at all, but they seem to have a great time together, and they go crazy whenever they see each other outside.
He also used to play really well with another neighbor's pit mix (although they also had a Boxer, so the pit was probably used to the paws), but they moved away recently.