Hrm... ECL=HD. Well, that throws out the leshay (at 50 HD). I assume I'm allowed to argue my case? Well, I'll give it a try.
The Leshay is listed at CR 28 and ECL 32. According to the ELH, that means that the Leshay as written is an ECL 32 (specific feat & skill selection i'm assuming don't change the ECL, just the number of feats/skills). I propose that the Leshay should be left at ECL 32. Now, the Leshay + 5 levels would not be equal to ECL 37 if you gave the character normal starting gp for 37th level (9,900,000gp). This is because the equipment for the Leshay (standard treasure for it's CR) is calculated in as part of the ECL. Now, standard treasure for a CR 28 encounter is 170,000gp. This means that a Leshay + 170,000gp
(worth of equipment/etc) = Level 32 character. This makes sense to me, as it's saying that the Leshay race + 170,000gp = 32 Levels + 5,600,000gp.
So, for extra racial abilities, a Leshay character looses 5,430,000gp.
Following this, it means that an ECL 37 Leshay (assuming ECL of leshay is 32; i.e.- ELH value) is basically:
Leshay + 5 levels + 9,900,000gp (starting for 37th level character) - 5,430,000gp (amount that is lost to make up for leshay racial abilities. Or, in other words:
Leshay + 5 levels + 4,470,000gp = ECL 37.
To make up for the extra hp and racial abilities, the Leshay begins with less than half of the regular value of equipment.
What do you think regarding this argument?