I like the design... I see some things I would like to tweak but these are only based on my personal usage patterns. Here goes... (FYI I can ramble so feel free to move on to the next post...)
- Blade
Slightly thicker tip, I would sacrifice some cutting performance for that. I end up using my Remote Release II for a lot of jobs simply b/c I think the point is stronger. This is probably mostly me and the tip could handle this perfectly but this perception has caused me more than once to change to another blade. (At least it is another Spyderco!

BTW am I the only person who would love to see the Remote Release II blade in a standard handle w/o the clip? The blade design is simply incredible on that knife. I would carry it more but the clip makes it a tad large for normal carry.) Sorry, back to the Para... I think a slightly shorter blade would be welcome. Could the grind of the existing blade be "swept" up a tad more? This would both slightly shorten the knife while thickening the tip. Itsa two-fer!
- Compression lock
I like it. It has come a longer way. I have a Vesuvius (ATS-34) with a compression lock that I have carried twice... blade simply falls out of the handle... next to no retention. Cut myself within an hour of purchase. It's since been sitting in perpetual Timeout in the drawer. Latest compression locks are so much better. One change I would make is thickening the lock "tab". Just a tad... maybe it is just be my usage and grip(I am a lefty) but I often find myself gripping the knife and finding the first joint of my thumb resting right on top of the lock. The "tab" is rather thin, same thickness as the liner, and digs into my thumb. (Possibly more noticable as one scale is recessed here.) I find myself unconciously moving my thumb to the right side of the lock, partially resting in the recess. This is bad as I now could accidently unlock the knife if the knife got torqued somehow while cutting or with gloves on. The left side of my thumb is now directly against the lock. Sorry for the bad explanation....should have taken a picture! Anyway, when I epoxied a small piece of metal to the tab...approx thickening the lock to twice that of the original, the problem went away. Felt like I had more purchase, or comfort, when gripping the knife. Thumb stayed directly on top of the knife where God and Sal intended. Not sure if this is practical for a production change given the lock is part of the liner etc.
-Finger Choil
Love'em. Perhaps lengthening the front of the choil a bit for a bit more of a finger guard or jimping the choil... either way would make a slightly more secure grip.
-Hooded
Perhaps drilled and tapped for the end-user to install a "hood" a la my TiSalsa, ATR, etc. Might just be me but I love those hoods.
Clip style, tip up, tip down, handle scales, etc. No real preference. Is there a big enough market to offer these as options installed by users? Kind of a do-it-yourself custom shop. Of course the knife would need to be setup, drilled out, etc., to support this. This could be as extensive (blade styles, steels, etc. to scales, clips, etc.) or as limited (clips styles, colors,) as desired. Then again do you want the users to be monkeying around with the knife like that. Seems like many, at least on these forums, already are disassembling their knives for cleaning etc.
Just my 2 cents...
Eagle