In my experience, such races don't seem to unbalance things. Gray elves make great wizards, but so do humans, halflings, gnomes and dwarves. (Half-orcs suck as wizards, and half-elves get the worst of both halves and shouldn't be used for any class.) The +2 int is nice, but humans get an extra feat (and even a straight class wizard never has enough feats), while halflings get AC, attack roll bonuses (nice for rays) and +1 to all saves. Gnomes and dwarves get con bonus (nice with a d4 hp). When I sit down to build a wizard, there's no one race that insists that I play it. (I won't use gnome for a PC I'm designing, because I don't enjoy playing gnomes, but I'll use any of them for NPCs.)