Since you like the idea of race determining residency, let's apply your principles consistently. Some consequences follow below:
1. 65% of Israel's Jews are Sephardic from Arab countries or Persia, racially indistinguishable from their former neighbours. Being no whiter than their Arab and Persian neighbours, they could stay put. But then the issue of mixed Sephardic-Ashkenaze marriages and grandparents arises. The 1935 Nazi Nuremberg Laws dealt with this problem by sending a team of lawyers to the American Bar Association to copy Southern Jim Crow apartheid codes. So race-based deportation looks messy to me. But I'm sure you'll tell me your solution consistent with your race-based residency principles. Until you do, I conclude that it's geographical Jim Crow cross dressing as Judenrein "free Palestine".
2. About your principle of restoring lands to indigenous peoples: Iraqi Jews had lived in Baghdad since it was Babylonian, 1200 years before the 7th century Muslim Arab conquest. If you send Iraqi Jews back to where they came from, they'll legally reclaim Baghdad from their Arab neighbours as the only remaining indigenous Babylonian Baghdadis. I expect that their former Arab neighbours who murdered them and plundered their property wouldn't agree and would tell them to return to where they came from--Israel. It seems your race-based residency rights idea has a built in boomerang since sending Iraqi Jews to Brooklyn or Golders Green to live with white Ashkénaze Haredi is hardly consistent with your principles of race-based residency.
The same problem would arise in all of North Africa, Yemen and Ethiopia, since Jewish settlement there long predates the arrival of Arab interlopers. 10% of the population of the Roman empire were (nonwhite) Jews. Presumably their former Arab neighbours would be less than welcoming to more than 4 million Sephardic Jews returning to "where they came from", in the same way overseas Latvians, Estonians and Lithuanians have returned to claim their Soviet-plundered assets.
3. Indigenous peoples restoration rights would presumably restore Mexico to the Aztecs, Peru to the Inca, Canada to its First Nations, evict Han Chinese from Tibet and Xinjiang, restore to its Tatars, Istanbul to its Byzantine Greeks, kick the Spaniards out of Catalunya and the Basque provinces, the English out of Northern Ireland, Wales and Scotland, the French out of Corsica, Catalunya North of Port Bou and Bretagne, the Italians out of Süd Tirol, the ethnic Turks out of Bulgaria, the Arabs and Iranians out of Kurdistan, the Russians out of the Urals, Karelia, Siberia and the Donbas Russified by the genocidal Holodomor.