Secret_Pornstache says:
I've never seen it in play, but I've seen many experienced players warning against overmixing races. I'm down to see how it plays out though.
also, before we dive too far into character creation, we should decide at least what kind of situation were looking at. a barbarian orc, a high lord, and pirates may be hard to justify as a party.
On that note, I've always wanted to try an orc.
It's true that Elves and Dwarves are probably going to mechanically "out-weigh" Men when given the same LP count (dunno about Orcs). The different Stocks (not to mention any given LP) are not balanced against each other, that's not the kind of game BW is, and the fantasy races are just more focused, and generally just more fit for "traditional" heroic roles... But that's also not really how you advance in BW, in theory it should be ok so long as the campaign is played true to the ethos of BW and not like a more traditional system's campaign.
As for character creation, I think we should absolutely have a pretty good idea about what the campaign is about before making characters. The system is designed to work best when each PC is tied to the specific situation through concept (Belief), as well as to the other PCs.