No, it's not fine. There isn't a good kind of racism and a bad kind of racism. Much of your argument here is probably best directed to Publius, who disagrees with you directly about, well, all of this.
There's a benign version of the argument you're making here, the one that protects cultural and religious tolerance while establishing some set of core values (pluralism, the rule of law, representative government, separation of church and state) set above all other concerns. But you're making, and re-making, a case for excluding people because their differences of religion (your example) and culture make native-born people unhappy. That's not OK, and I'm pretty sure I've got the founders on my side of this argument.
There's a benign version of the argument you're making here, the one that protects cultural and religious tolerance while establishing some set of core values (pluralism, the rule of law, representative government, separation of church and state) set above all other concerns. But you're making, and re-making, a case for excluding people because their differences of religion (your example) and culture make native-born people unhappy. That's not OK, and I'm pretty sure I've got the founders on my side of this argument.