I did a bit of 'racial reflavoring' an age or two ago, right after I'd read a book called (as I recall) King Arthur in Fact and Legend. It was one of the first sources I read that suggested the Arthurian mythos was originally from the north of England along the Scottish border (like the Clive Owen/Ioan Gryfudd King Arthur movie). I mixed it with the movies Dragonslayer and Willow, and a healthy portion of Michael Crichton's Eaters of the Dead.
As 'reflavorings' go, it was more like a fresh coat of paint. I kept a lot of the general D&D conceits, but tried to twist them just a bit; and to work in only the D&D races that I liked the most. (Though I'd have gotten rid of gnomes altogether, had one of my players not been oddly compelled to play them.)
Anyway, here are the races I used, and the racial flavorings thereof:
Humans were either Britons, Scots, or (rarely) Saxons. They were fairly standard, gamespeak-wise. The Britons and the Scots were at war, and the Saxons hated everybody.
Elves lived in the forests and hills to the north of Hadrian's Wall. They called themselves the 'alfar,' though their habit of painting their skin led other to call them 'Picts.' They had a tenuous pseudo-alliance with the men of the Scottish highlands.
Dwarves were originally from the Scandianavian lands, but had several colonies in the Scottish mountains. Their racial name for themselves was 'dverg,' or 'dvergar,' and their only real allies were the elves.
Halflings were derisively called 'pechs,' by many humans, but their own racial name was 'faen.' They kept to themselves in isolated villages across the English countryside.
Gnomes were primarily transplants from Ireland, where the locals knew them by the name 'leprechaun,' and were rarer then an honest preacher.
Orcs were actually remnant populations of Neanderthals, and lived on the very fringes of human societies, where they raided human settlements. They had no name for themselves, but the elves called them 'yrkh,' the dwarves knew them as 'uruks,' and the few humans who knew of them called them the 'wendol.'
Goblins (who called themselves the 'gebli') lived underground, and were known by various names: 'goblin,' 'kelbyt,' 'kobold,' and 'knuckers' or 'knockers' (the last two names were bestowed upon them by miners, from ther habit of tapping on stones underground - possibly a means of long-distance communication). They were almost constantly at war with the dwarves and elves of the Scottish highlands.
Well that's about it.
Regards,
Darrell