Ok so far I was successfully able to bind <paper-radio>, <paper-checkbox> with ngModel by using a Custom ControlValueAccessor for each one of them. Now I'm stuck at <paper-dropdown-menu>
Here the scenario, I can capture the paper-dropdown (iron-select) but cannot bind -two-way, i.e., using ngModel below is the HTML and custom accessor class
My form.html
<paper-dropdown-menu [(ngModel)]="mymodel.selection" label="Your Fix">
          <paper-menu class="dropdown-content">
                <paper-item value="1" ngDefaultControl>Coffee</paper-item>
                <paper-item value="2" ngDefaultControl>Cigarettes</paper-item>
                <paper-item value="3" ngDefaultControl>Chivas</paper-item></paper-menu>
</paper-dropdown-menu>
And My Custom Accessor Class
/**
 * Created by pratik on 12/5/16.
 */
import {
    Query,
    Directive,
    Renderer,
    Self,
    forwardRef,
    Provider,
    ElementRef,
    QueryList
} from 'angular2/core';
import {ObservableWrapper} from 'angular2/src/facade/async';
import {NG_VALUE_ACCESSOR, ControlValueAccessor} from 'angular2/common';
import {CONST_EXPR} from 'angular2/src/facade/lang';
const SELECT_VALUE_ACCESSOR = CONST_EXPR(new Provider(
    NG_VALUE_ACCESSOR, {useExisting: forwardRef(() => SelectControlValueAccessor), multi: true}));
/**
 * Marks `<option>` as dynamic, so Angular can be notified when options change.
 *
 * ### Example
 *
 * ```
 * <select ngControl="city">
 *   <option *ngFor="#c of cities" [value]="c"></option> Need to change to paper-item
 * </select>
 * ```
 */
@Directive({selector: 'option'})  // Tried changing to paper-item but still doesn't work
export class NgSelectOption {
}
/**
 * The accessor for writing a value and listening to changes on a select element.
 */
@Directive({
    selector: 'paper-dropdown-menu[ngControl],paper-dropdown-menu[ngFormControl],paper-dropdown-menu[ngModel]',
    host: {
        '(iron-select)': 'onChange($event.target.value)',           
        '(input)': 'onChange($event.target.value)',
        '(blur)': 'onTouched()'
    },
    bindings: [SELECT_VALUE_ACCESSOR]
})
export class SelectControlValueAccessor implements ControlValueAccessor {
    value: string;
    onChange = (_) => {};
    onTouched = () => {};
    constructor(private _renderer: Renderer, private _elementRef: ElementRef,
                @Query(NgSelectOption, {descendants: true}) query: QueryList<NgSelectOption>) {
        this._updateValueWhenListOfOptionsChanges(query);
    }
    writeValue(value: any): void {
        this.value = value;
        this._renderer.setElementProperty(this._elementRef, 'value', value);
    }
    registerOnChange(fn: () => any): void { this.onChange = fn; }
    registerOnTouched(fn: () => any): void { this.onTouched = fn; }
    private _updateValueWhenListOfOptionsChanges(query: QueryList<NgSelectOption>) {
        ObservableWrapper.subscribe(query.changes, (_) => this.writeValue(this.value));
    }
}