[Edit] I went back and created model swaps for all races, please let me know if you encounter any problems with them. Instructions & Sceenshot
ALLIANCE
Draenei Female: http://www.mediafire.com/file/iwii1idiqgf/DraeneiF.MPQ
Draenei Male: http://www.mediafire.com/file/oxzyhoyygf3/DraeneiM.MPQ
Dwarf Female: http://www.mediafire.com/file/dtzz5anoymy/DwarfF.MPQ
Dwarf Male: http://www.mediafire.com/file/nq4mouythcm/DwarfM.MPQ
Gnome Female: http://www.mediafire.com/file/jxcod1yh54j/GnomeF.MPQ
Gnome Male: http://www.mediafire.com/file/im2jezh0mmv/GnomeM.MPQ
Human Female: http://www.mediafire.com/file/zzxl4ngwrxt/HumanF.MPQ
Human Male: http://www.mediafire.com/file/5mlqtnmigmo/HumanM.MPQ
Night Elf Female: http://www.mediafire.com/file/o2izomwzbzn/NEF.MPQ
Night Elf Male: http://www.mediafire.com/file/hyy2da3mz3z/NEM.MPQ
HORDE
Blood Elf Female: http://www.mediafire.com/file/yjzwzmjzzjd/BeF.MPQ
Blood Elf Male: http://www.mediafire.com/file/a0luxwtjmym/BEM.MPQ
Orc Female: http://www.mediafire.com/file/2wtzrzdgiim/OrcF.MPQ
Orc Male: http://www.mediafire.com/file/qt1ilnoy2rz/OrcM.MPQ
Tauren Female: http://www.mediafire.com/file/mvwzxm1tj45/TaurenF.MPQ
Tauren Male: http://www.mediafire.com/file/mwwmwynzimj/TaurenM.MPQ
Troll Female: http://www.mediafire.com/file/tdzy0liyzqi/TrollF.MPQ
Troll Male: http://www.mediafire.com/file/xnhj1dcmi2i/TrollM.MPQ
Undead Female: http://www.mediafire.com/file/gvl3yznzzdz/UDF.MPQ
Undead Male: http://www.mediafire.com/file/zz1jm0gzknn/UDM.MPQ
My first attempt at a model swap; Blood Elf Female to Lady Sylvanas Windrunner (new model), compatable with patch 3.0.2.
Copy&paste the MPQ into your data folder, and rename it patch-(#).MPQ (Caps required on the MPQ part)
Requires MEF.