
It needs a lot of work, I think.
...
Agreed.
Racial Paragons, to me at least, seem to be squarely aimed at the assumptions made by the 3.x Player's Handbook. Meaning, if you are an Elf, you are a Wizard; if you are a Half-Orc, you are a Barbarian; etc.
That in turn, makes those mini-classes (they only were built out for 3 levels) pretty narrow in focus. To make them truely utile, or memorable, one would need to rebuild them to match the campaign they are used in.
For instance, in my world Gnolls are fast and renown for their hunting and scavenging. However, to have a paragon class for them, trying to tie in the different facets of their backstory and abilities, meant I'd either need a class that ran for 5 or more levels, or a class that was so scattered in focus that it made no sense. So instead, we have a paragon class that focuses on a Gnoll's ability at the hunt; another that focuses at the scavenger; and another that focuses on their connection to their liege Yeenog.
For something like an Elf, I could see a similar approach. In a campaign where Elves are as much likely to be Druids as arcane casters, there could be a paragon class for druidic Elves; another for the arcane spell casting Elves; maybe another for the more martial Elves.
In essence, you'd have a paragon class for each major archetype of each race in the campaign.
Of course, all of that would take time to get the balancing of abilities right, as well as creating of elements that wouldn't make them all cookie-cutter. I'm not thinking a quick and easy task if you want to do it right.
An alternative that I've been playing with though, which came out of some racial discussions pre-playtest for 5E as well as some ideas I gleaned from the Advanced Players Guide, was the idea of your race advancing as you leveled up normally. By this, as your character advances, you would gain racial feats and bumps as you went - which means you don't need to take paragon or racial levels. For instance, with the Elf, at 1st level you get all your Elfy goodness. Then, say at 3rd level, you get an Elf specific racial feat. At 5th level you get a +1 racial bonus to your Int. At 7th, 11th, 15th, and 19th levels you get another racial feat. Etc.
Unfortunately, none of that is pre-made as was requested in the OP.