I've been looking at ways to play a non standard races in PFRPG. With leval adjustment effectively dead the best I've been able to do right now.
ACL must equal the races starting HD (so if a monster has 4HD, the ACL of the group needs to be 4).
A race gets +2 Physical, +2 Mental, -2 (either).
A race can be either small or medium.
Each race also get two feat equivalent things:
These include
Darkvision
Large Size (as per enlarge person)
Cast a spell 1/day (up to level 2)
+1 bonus to all saves or +2 to large category of saves
an Extra +2 to a ability score.
A race can also have half feat trait equivalents these include:
Low Light Vision
+2 bonus on a small subset of saves
Fay immunities.
An Extra +2, -2.
Anything other abilities take starting gold as a magic item at 1/2 the cost of an equivalent item (so an Extra +2 str costs 2000 gp).
Not great and more a rule of thumb but if the answer to "can I play an Ogre" isn't no, then charging GP seems an ok way of balancing.