A freeform point system is great for a DM to use to build the traits of a species for the setting. The DM can adjudicate if the combos truly balance or not within the game engine.
Bundling traits into species feats is "safer" for the gaming balance, for a player to choose from to determine the species traits of their character.
Every 2024 species is worth about three feats. (Here, a "feat" refers to the 2024 level-0 background feat and is equivalent to a 2014 level-4 "half-feat". In other words, a normal feat like Greatweapon Master is worth two of these 2024 feats. The feat is worth 4 points, while Greatweapon Master is worth 8 points.) Each species comprises a design space of three feats.
Determine Your Species Traits
Choose three species feats to determine the species traits of your character. If your character descends from two or more species, your choices can be from any of your species.
Elf Feats
If your character descends from the Elf species, you gain Nature Spirit, Fey Magic, and Twilighter, or any three Elf feats of your choice.
ELF KNIGHT
(Counts as two choices of Elf feats)
Elven Accuracy. Whenever you have Advantage on an Attack Roll, you can reroll one of the dice once.
Elf Weapon. Choose a longsword or a longbow, or an other weapon of your choice. You gain proficiency with this weapon. Your Attack Rolls with it can apply your spellcasting ability instead of Strength or Dexterity.
FEY MAGIC
Charm Resistance. You have Advantage on saving throws you make to avoid or end the Charmed Condition on yourself.
Innate Caster. From any spell list, choose a slot 1 spell when you reach level 3, and a slot 2 spell when level 5. These spells are innate. (Thus you can cast each of these two spells once after a Long Rest. You prepare these spells and can also cast them using any spell slots you have. You can cast them without a spell component, using Intelligence, Wisdom, or Charisma as your spellcasting ability for them.)
NATURE SPIRIT
Choose two cantrips from any spell lists. You can also treat the following effects as if cantrips when you choose:
• your speed improves to 35 feet
• you can breathe water as well as air
• after each long rest, you can swap one cantrip with an other one of your choice
• if you have Darkvision, it improves to 120 feet
Your two chosen cantrips are innate. (Thus you cast them without spell components, using Intelligence, Wisdom, or Charisma as your spellcasting ability for them).
KEN OF FATES
After each long rest, you gain two proficiences of your choice from skills and tools, until your next long rest ends.
TWILIGHTER
Trance. You dont need to sleep, and magic cant put to you sleep. You can finish a long rest in 4 hours if you spend those hours in a trancelike meditation during which you retain consciousness.
Darkvision. You have Darkvision with a range of 60 feet.
Keen Senses. You have Proficiency in the Perception Skill.