It just need some polish, but it is practically finished. I was able to construct some characters and test out how the encounters can be deadly. They are deadly, as deadly as an L5R, GURPS, or SoIF. So ideally people avoid combat.
Level 1 characters are pretty formidable, even non-elite stats, if the players are not careful. The dominant strategy is to avoid combat or a terrain that does not favor the character a lot. Against greater numbers a PC can't just tank, they have to fight and move. They have to use terrain and mobility prevent swarming opponents.
Orcs are an extremely effective opponent, too bad their limited vision at night and especially at day makes them poor archers. I'm sure they can do archery, its just that 60ft or about 20m is about throwing distance. Maybe I'll just get them point blank shot and make their dex better and not their con (+3 to attack +4 to damage).
True Strike might be powerful in this homebrew modifications because it is a +20 but there is no called shots table handy. I've made some quick house rules and based it on GURPS statistics.
Eye or Neck -20
Head and Extremity (hand or foot) -10
Given how lethal this system can be, there is a feasible strategy of a Mage Kataphrakts (F1,W2). They can use Archery or Lances, charging against opponents and striking at high value targets. Its a Feat of Concentration to cast True-Strike while galloping allowing them to Hit a Vital and kill the opponent and move safely away.
My preliminary Sketch of the world is like of the Dark Ages. The elves have a dying empire, they ruled over men and dwarves for thousands of years but political strife and invading terrors has weakened the state and economy. The Dwarves were their Federated Allies, inhabiting the buffer zones of the empire's core. Men have begun ruling former Elven provinces and providing levies and allied troops for their defense.
Elves are the center of the economy that allows the Dwarves and Men to thrive. The Elves are made up Houses that produce magical spices and seeds that provide essential medicines, food that can grow in salted earth, and extend the life and quality of food.
Giants, Orcs and Goblins come from the East, pushing west. Where humans and dwarves are not able to hold, these creatures settle.
Players begin in the setting Capital: Valentium but will be setting out to the East to meet the oncoming threat to the Empire.