Just some fiddeling with numbers then. I'm no expert on this but some thoughts.
Additional changes:
Elf:
50% lower Military Losses (better economy)
Duration spells last 2 more hours (up to maximum) (something to make them stand out abit more)
Dwarf
Remove 6/0 off spec and give back +30% BE
Gnome
Some kind of population bonus either +5-10% population or houses gives 10-11 population instead of the normal 8.
Halfling
Dunno
Human
Perhaps make the off spec cost 200 gc, would help in some situations.
Orc
Dunno, you could remove + gains from avians and make them more focused on speed and build a new orc around + gain but without the 0/4 def specs which makes it hard to play for many people.
Merchant
Either increase the amount gold earned (higher + income, bonus to banks or gold per acre) or increase the protection of the gold lower losses on both plunder and thief ops.
Tactician
Lower the cost of specs by xx % (perhaps 20-30)%.
Warrior
Opponent Casualties (when attacking or defending): +25% (from 15%)
Own Casualties (when attacking or defending): -25% (from -15%)
Artisan
Lower contruction cost by 50%
+5-10% BE