Good point, vuron.
Many people don't value role-playing penalties, and I can see that, but then they go on to ignore the role-playing benefits of having these races involved in the story. If it works, let it happen. The game that I run has 8th level chracters running around with 11th level, and no one seems to mind very much. The stats are just raw stuff underneath the story. I guess if you are playing Diablo and Dragons, hack and slash door-busting, then this is an issue. But then, I don't really care about your balance issues much.
I guess I'm on a mission to mature people out there to try to run a good story, and not let small balance issues get out of the way. One level of hit dice or some magical abilty can be overcome by tailoring magic item distribution to the other characters. (Gosh! I actually gave a balance answer, I must be slipping!) Try to run a story in your D&D game, and try to get things to work out that way.
Could you fail? Yup! But in failing, perhaps you and your players will learn something. The next game will be better. In order to grow, howevr, you've got to shed some restrictions on your playing, and one of those restrictions is looking to the rules to guide your game, rather than looking to the rules to figure out how to implement your story.