I would be interested to see some diversity in the paragon system. I have to agree that this proposition isn't the best. though it is food for thought.
Some of the more basic Paragon stats could be removed due to quality of life play (i.e. move speed) and an optional stat bar could be introduced to give a choice for some other stat specific (pet damage, elemental damage +, melee or ranged resist +).
The fact you are trying to reduce the incentive of botting for higher para's on leader boards great idea. Good idea for a para cap on the rifts themselves but that limits the need or desire in general for raising beyond the "rift cap". Another option would be different boards for different para levels (800/1000/1200 etc...)
Lastly, I do agree, this is a grind fest game. Those who have the time will always have the lead vs the casuals. And yes diablo 3 is now in essence a paragon game once you reach level 70. But that is even more of a reason to give a way to chart casual boards vs time invested boards, not to cater to egos, but it can actually give a way to chart skills/gear/content so that it can be adjusted for future patches. Giving both types of players the challenges necessary for the type of play they enjoy.