If it fits your world, then do it. Considering I threw out favored classes altogther (except as flavor text) and the game hasn't come crashing down. I basiaclly treat everyone as human. I give the half elves the extra skill points to make up for it. Still, no one plays them.
The skill points and feat are enough that humans are the most populous PC race, as it should be for a human-centric campaign.
Also remember that when it comes to your world, there is no balance. GIve all wizards d8 hit points and let them wear meduim armor if you want - it will just be a world that wizards dominate in. Balance in only really important in external, published suppliments where it may come into standard campaigns. For a nonstandard campaign, there is no imbalance, only flavor.
The skill points and feat are enough that humans are the most populous PC race, as it should be for a human-centric campaign.
Also remember that when it comes to your world, there is no balance. GIve all wizards d8 hit points and let them wear meduim armor if you want - it will just be a world that wizards dominate in. Balance in only really important in external, published suppliments where it may come into standard campaigns. For a nonstandard campaign, there is no imbalance, only flavor.
