If nothing else, I think that they should keep the 'no food no drink no air' part. They could even require a period of downtime to recharge... then no stepping on the elves sleeplessness (as if they couldn't share that) and they get their own schtick. Say that they're powered by 'magic'. They can exist for a period of time in an antimagic field, but they can't 'sleep' or recharge in that field. I'd personally probably keep the sleeplessness and immunity to fatigue. I mean, they're built that way for a reason, the perfect warrior. Doesn't sleep/eat/drink/dream. But they screwed up on the dream bit by giving them too much independant thought.
And, of course, if you're going to nerf them that much, you should either give them an extra feat to be spent on Armored Body (Choose special material and armor type, you've got that armor forever) or just making them all stick with composit until they buy armor upgrades, similiar but different to everyone else needing to buy armor if they want it.
If you were playing in my game, I could maybe be talked into doing that, though I'd be reluctant to just hand out a feat (that's the Human's main bennie) and maybe just upgrade their basic armor to something a bit better...they should require *some* energy source, even if it's rediculously easy to attain (sunlight, blood, stone, air, alcohol...

), and they should have to breathe or make emissions or something (the bonus to Con and Fort saves will help them to hold their breaths and go without energy sources for longer than most other creatures, though).
I was under the impression that those were new arcane spells, not just restricted to artificers...
Aye, you're right. Though this doesn't remove the fact that Warforged require an entire suite of spells to deal with on the same level as normal PCs
Ghouls are a staple of low-level games and elves are immune to their paralysis. Plus a lot of other effects (magical sleep, dream and nightmare spells) that normally plague a low-level party.
(a) There's quite a bit more than a handful of monsters at CR 1 and below that aren't ghouls and that don't rely on sleep attacks. In fact, I can't think of one CR 1 monster offhand that uses sleep attacks at all....
(b) Again, elves aren't immune to the paralysing touch.
Bah! Being in a dark place is a staple of low level fantasy, but dwarves and half-orcs are immune to that.
I think this whole line of reasoning is fallacious. It's been very conveniently forgotten that warforged, while immune to a few minor problems, are vulnerable to many others that most, if not all, other characters are not.
(a) Dwarves and half-orcs aren't immune to darkness, they just do better in it than others at close ranges. Immunity to darkness is blindsense out to normal visibility ranges, and yeah, I'd have a bit of a problem introducing THAT to a 1st level party for free, too.

If the warforged were just better than others at holding their breath, going without food and water, resisting disease and poison and pralysis and level drain, I wouldn't have much of a problem. But they're not just better than other races at avoiding those obstacles -- they effectively remove those obstacles from the game for a warforged character. And for free, at 1st level.
(b) The vulnerability is part of why they're clunky. Just like a high LA race, they're really good when they're doing what they were designed to do, but when they confront something that they're weak against, they fall to peices quickly. This lack of being well-rounded (overspecialization) is the main problem with LA, the main problem with "character point" systems, and the warforged is traipsing down the same path. It's a lesser offender, to be sure, because at early levels the difference is less noticable, and, for the warforged, the difference becomes less noticable (in general) as the party increases in level. But it's still on the same "paper tiger" continuum in a way that no other LA +0 race is. They are abberant. I think this was an intentional choice for the designers, but I think it was a short-sighted choice, because, for free, it precludes certain challenges from being a challenge for this character.
Again, I'm not saying they're too powerful per se. I'm saying they're too different.