So, I've decided to run a full campaign with these rules for player race building. I pulled all the monster and advanced traits, gave the players 10 RP, and limited them to three per category. They have fey and humanoid available to play.
My first inclination was to pull the general spell like abilities from the document entirely. After looking at it and doing some test builds, I changed all their requirements to "fey". I suspect giving humanoid races spell like abilities doesn't quite work. Whereas, a fey will have a harder time walking around in most cities without being noticed, which provides and effective trade off.
What do you guys think?