Well look at leatherwork. Come down to it, thats one of the old holdout merit badges. Yes its cool but most of us dont use leather much anymore.
Paracord though, as said above, is so versatile. It touches on art, knot tying, weaving, and survival.I'm thinking some of the requirements could be:
1. making a survival bracelet including 10 feet of paracord, a compass, whistle, and firestriker using a solomon or other weave.
2. making a 10 foot fishing line from the inner strands,.
3. making a tent stake fob.
4. wrapping a hatchet, axe, knife, or ax handle in paracord.