Combine into a pitcher the tomato juice, orange juice, tequila, lime juice, agave, hot sauce, Worcestershire sauce, onion, chile, and pepper. Stir to combine, cover and refrigerate.
In a shallow bowl or plate, combine the smoked paprika and salt. Moisten the rim of the glass with a lime wedge, and dip into the paprika-salt mixture. Put ice into a glass, and pour the mixture over and garnish with a lime slice.
Heat 1 tablespoon canola oil in a medium saute pan over medium heat, then add the onion and cook, stirring occasionally, until golden brown and caramelized, about 25 minutes. Let cool before adding to the drink.