Yes and no (but mostly no).
Paragon surge is a transmutation spell with the polymorph subtype. Polymorph spells say:
You can only be affected by one polymorph spell at a time. If a new polymorph spell is cast on you (or you activate a polymorph effect, such as wild shape), you can decide whether or not to allow it to affect you, taking the place of the old spell. In addition, other spells that change your size have no effect on you while you are under the effects of a polymorph spell.
There's also a section on general "Same effect with different result" spells:
The same spell can sometimes produce varying effects if applied to the same recipient more than once. Usually the last spell in the series trumps the others. None of the previous spells are actually removed or dispelled, but their effects become irrelevant while the final spell in the series lasts.
So, the end result of applying these rules is that when you're subject to a second casting of paragon surge, you can choose to take a new feat or keep the old one, and if you take a new feat, you can revert to the old one by ending the second spell. However, it's not a
(D) dismissable spell, so to end it prematurely you have to voluntarily cast it at a lower caster level (and thus have a shorter duration) or to dispel magic on yourself.
Alternatively, you can choose to keep the original feat, and then when the first spell's duration expires, the second automatically kicks in (for whatever time it has left).