I personally don't have a better suggestion, it'l definitely need more thought.
I personally wanted to play Alliance regardless of Racials, but after playing the PTR and having actually played each race it's clearer than ever how much of advantage you obtain just by simply creating a horde character.
A good example being able to torrent mobs to group them w/o having ranged interupts in the group, that's absolutely massive. I know everyone else understands this, hence why we're having this discussion in the first place.
Bribery might actually be required, or possibly allowing you to pick and choose your racials somehow on the Website. It may break immersion but it would certainly give a clear balance, which we desperately need at this point.