Alright, second rundown for the Swarmlord.
Letting him place it anywhere in 30 feet of himself is much better. Allows some strategy for dropping swarms before using any action points.
Are the "Or"s really necessary? What's the difference between moving in a path of your choice and towards the nearest target? There isn't a point cost difference or other opportunity cost, just your choice of action.
May I suggest refluffing this as a continuous swarm floating around the Swarmlord and change the dodge bonus to a deflection bonus?
Not a big thing, but I might suggest making this scale in someway. It's very, very, very niche but making it start at DR 5/- and then improve to DR 10/- sometime down the line might be something nice that someone looks forward to as they level.
Like Agile Swarm, I'd just suggest refluffing this as the swarm around the Swarmlord taking/mitigating the blow. Also, do you want this ability to allow Swarmlords to qualify for things that require the Evasion class feature? If so, you probably want to make a note of that.
This ability is kind of powerful in my opinion. The Penetrating Strike feat only allows the ignoring of 5 points of DR (though doesn't affect DR X/-) and even then a Fighter can't take it until 12th level.
SR 17-25 at level 12-20 is a little weak since decent SR would be giving 23-31 at those level ranges.
See, this still feels weak as a capstone to me. It's much better than your last one though. Maybe someone else can give an opinion on it, but I still feel that a capstone should be something flat out amazing.
@Kane: I'll give your race a rundown when you've finished the mechanics for it.