Seeing as how hunters start with pets at level 1 in Cataclysm, here's just a few ideas of the race appropriate pets:
Human: Boars or Wolves
Undead: Bats or Spiders (Maybe wolves or boars with the undead skins.....hehehe)
Dwarf: Bears
Draenei: Ravagers or Moths
Night Elf: Owls or Cats
Orc: Scorpids or Wolves
Worgen: Wolves (Obviously -.-)
Troll: Raptors or Serpents or Wind Serpents
Tauren: Tallstriders
Goblin: If the monkey mobs in their starting zones are tamable, then yeah Monkeys! If not, probably Wasps
Blood Elf: Dragonhawks or Cats
Thoughts? Ideas?