If I have played through the game and done a good job of responding to all the opportunities to gain reputation and paragon points then my bar will probably be fairly full and I might have 2 or 3 tick mark levels of Paragon points.
Let's assume that when I play through again in new game+ I want to try the renegade path. My reputation is transferred from the last play through, does this mean I will still have a full Paragon bar? If so, will I be restricted from filling my renegade bar somehow or will I encounter more "+reputation" opportunities to that I could have both the P&R bars full simultaneously?