Yes, since PAY is an ERC20-type token, it can be sent to an ETH address.
There is only ONE private key in your hardware wallet (mathematically derived from your 24-word recovery phrase), and it unlocks all the ETH addresses associated with that private key.
You can store all your various ERC20 tokens in the same ETH address, so for example, you can store ETH, PAY, OMG, BNB, HMQ, REP, etc......all inside one single address.
Of course, you can also split them all into separate addresses if you want.
Just remember to always have a little bit of ETH in every one of those addresses, otherwise you won't be able to send your altcoins out later (due to no gas availability).
The "default" address that you see in the Ledger Nano S for ETH is likely the first ETH address that you see when you open it via MEW, but you can practically open up an unlimited number of ETH addresses using the same private key.
To see all the Ethereum tokens, just go to coinmarketcap's tokens page, and filter according to "platform".
https://coinmarketcap.com/tokens/Thanks. Have transferred all to cold storage.