i too had thought of this as well ... and even toyed with the idea or rerolling my jedi sage simply because i had chosen 1 or 2 dark side choices and also the fact that every other jedi i see running around is the same race as me (Miraluka) ...
it definitely is possible (EQ2 does it for a fee), but if/when BW would decide to allow such a change is entirely up to them.
as for the cosmetic changes, that would be even simpler for them to do (again EQ2 has this as well) and its a simple npc in game that would send you back to a modified character creation screen that let you change the appeance.
oh and they (EQ2) also had services, for a fee, that you could change your sex, race, and also your name. so all these options are possible, IF Bioware wants to go that route ...