GraphicConverter v5.9.5 has a MacPaint format choice for "Save As".
It looks like MacPaint format uses compression called "PackBits". The toolbox command was ported to Carbon so I assume it's still there all the way up to Snow Leopard, etc.
For some reason though the first 512 bytes of a MacPaint file are just zeros. Then the actual data starts which I assume is 1-bit per pixel information compressed with PackBits.