My current dwarven monk was originally going to be a half-orc - purely for the Str bonus. But the DM warned me that half-orcs were going to have a particularly tough time culturally in the areas we were traveling. Reading between the lines, I decided to take a dwarf and make him a grappler.
Loss of speed hurts a bit initially, but the +2 racial bonuses to saving throws vs spells and spell like effects, and poison, the bonus to Con in exchange for a penalty to a dump stat (Cha), stability bonus against trips (that synergy with bonus feats I was talking about) and darkvision seemed to me to outweigh the benefits of the additional feat and skill points of humans. YMMV.
I don't know much about the sub-races, maybe there is a really nice elf sub-race that would also prove beneficial.
For raw hitting/grappling power, the half-orc is the way to go. For survivability, I'd say a dwarf (hit points, hit points and more hit points). For utility take human. And like I said, maybe the right elf would fit the package.
Once you address the race and role issue, then you can start building something with synergies and tactics in mind. For instance, with the right skill set, a darkvision able monk can make a very useful scout if you don't have a rogue.