Oooh...catfight.
One thing to keep in mind...the rakasta were not originally desinged to be a playable race (unless other source material indicates so). Therefore, they do not need to be balanced with other races.
That said, Krishnath's suggested stats seem reasonable.
Str 13, Dex 15, Con 11, Int 12, Wis 12, Cha 8.
Compare to the catfolk in the Miniatures Handbook:
Str 13, Dex 15, Con 12, Int 10, Wis 9, Cha 10
As for the skill bonuses, BOZ suggested +4 Hide, Move Silently & Balance. By comparison, catfolk have a +2 racial bonus on Listen and Move Silently checks. I think the rakasta can be superior, since they are "superior", with more HD.
If we are dumping Weapon Finesse, we might as well dump the Dex mod for Climb and Jump.
I too agree that the Craft skill with 1 rank is indeed lame, but it is used often enough (for example, githyanki have 2 ranks when they could benefit from other stats much more). I think it should be preserved, since that way the skill is always treated as a class skill for rakasta, and helps preserve their description as artisans.
For the kasas, should we give them Weapon Familiarity with them, or Weapon Proficiency like elves? In other words, do we only want rakasta fighter-types to be proficient with the kasa without burning a feat, or all rakasta?