hook_block_view For an Array of Paragraphs Is there a way to use the theme() function to process an array of paragraphs, in a fashion to how theme('item_list', $theme_args) works?

If there is not a way using the theme function, what then is the "preferred" way to create a render array for an array of paragraphs?
There isn't a 'preferred' way, or built in function, to render an array of paragraphs. You could do it like this:

$build = array(
  'p1' =&gt; array(
    '#markup' =&gt; 'Something',
    '#prefix' =&gt; '&lt;p&gt;',
    '#suffix' =&gt; '&lt;/p&gt;',
  ),
  'p2' =&gt; array(
    '#markup' =&gt; 'Something else',
    '#prefix' =&gt; '&lt;p&gt;',
    '#suffix' =&gt; '&lt;/p&gt;',
  ),
);


Or this:

$build = array(
  'p1' =&gt; array(
    '#markup' =&gt; '&lt;p&gt;Something&lt;/p&gt;',
  ),
  'p2' =&gt; array(
    '#markup' =&gt; '&lt;p&gt;Something else&lt;/p&gt;',
  ),
);


Or you could build a theme function which takes an array of paragraphs and builds up an HTML string. Or you could use some variation of implode(), or a simple loop, and so on. 

It really depends on how you want to approach it, there are several equally valid ways to solve that problem.