Wounding (1 Con damage) makes more sense than bleeding to me. Having had horsefly bites before, I can say that it's more that they rip a chunk off of you rather than you bleed afterwards. Not fun.
Added Giant Bluebottle Fly to Homebrews.
Added Giant Horsefly to Homebrews.
We'll need to figure out the racial skill bonuses for our giant flies. WotC's giant fly's skills make no sense. It has greater than the usual +8 to Climb for having a climb speed (+12 assuming it substitutes Dex for Str, +19 otherwise). It also appears to have a +2 racial bonus on Listen and Spot checks, and a +4 bonus on Hide checks. And finally, it has an odd +3 modifier to Move Silently checks.
I'd suggest replacing those modifiers with +8 Climb (as normal for a climb speed) and +4 (or even +8) Move Silently. I'd note that the horsefly loses the Move Silently bonus when flying (those things are noisy!) I'm fine with retaining the +2 to Listen and Spot.
I'd recommend we add scent to the SQs.
Perhaps immunity to disease, or at least a high racial bonus on Fort saves vs. disease?

(Dungeons & Dragons)
Rulebook featuring "high magic" options, including a host of new spells.