Now, similar things have been suggested in the past, particularly with regard to players wanting the option to express their disgust over homosexuality -- I saw some who desired this option during Dorian's quest -- and the devs appeared to think that allowing the player to express this kind of vitriol was not necessary. You might then say that allowing the PC to make racist remarks over a fictional race of people is not the same as expressing disgust over homosexuality, a real thing, and you would be right, on the surface. But it does go along with a particular mindset, and I think that Bioware just doesn't want to "go there" in allowing these things.
Keep in mind another aspect: In-universe racism between elves and humans (and to a lesser extent other races) is a real thing in their cultures, whereas in-universe homophobia (beyond someone personally thinking "Ew") isn't a thing. It has basically been eliminated, because nothing created it in the first place.
So, without even saying what they should do, I can say that they could definitely have in-universe racism expressed in their games, while also not having homophobia be expressed, and it would make sense. Just like DA:O.
Edit:
'd by Hazegurl. Didn't read the second page before I posted. Oh well.