The Faen Spryte is the way to go. Flight speed 30, High Dex. If you can get your strength up to around 10 or so, you won't have any encumberance issues to speak of, as long as you're packing around tiny sized gear that is....
They make even more fun when templated as a Half-Dragon
they have a +2 level adjustment as a cohort.....
As long as you don't have more than one in the party they are fine as PC's in my experience. They make positively wicked warlocks.....
If you look in the hackmaster books there is a Pixie-fariey PC race. It looks workable for standard d20.
Tome of Horrors 3.5 from Necormancer Games has a fey tiny PC races as well.
FFG has a fairy. +3 EL, several spell-like abilities including limited invisibility, fairy fire, bless, and wood shape. Fly 50 (good). Your stuck with a d4 for HD though, regardless of what class you choose.
It's a bit complicated, but Goodman games has the Complete Guide to Fey. Most of the races start as small, and those that join the portunes lose a size catagory.
The Jermlaine from MM II, page 131. According to the 3.5 Update booklet, they have a LA of +0. Now, whether you agree with that is a whole other can of worms.