I realize that tackling sleep paralysis in itself is INCREDIBLY ambitious1, but I think I've taken an interesting tack with it.
You aren't the first:
Your concept seems superficially similar to that first in particular. Otherwise, your article reads like a very straightforward description of the phenomenon as a paranormal one, and comes across as a very obvious (and therefore uninteresting) approach to the material.
I wanted this to be an -EX originally, as well. Can you imagine?!
This might actually be a better tack, start with late 19th century faerie abductions, night hags and vampires, go into alien abductions in the 40s-80s, have the Foundation connect these as related phenomenon, but have them looking for the supernatural entities responsible (when all you have is a hammer everything looks like a nail) and finally have them realize it is just mundane hypnagogic and hypnopompic hallucinations.