Races allowed are standard races, and other sentient 'natural' races. Characters from other settings are allowed, but keep in mind that they have no idea of their origins. Any of the Completes are allowed, just try not to get carried away. Also, keep in mind that in this setting many monster races are highly shunned by the townspeople. Yes, it's a typical campaign style in that sense lol
Spell selection will depend on which of the three types of wizard you choose from. I'll give one or two extra spells at first level just to keep a spellcaster up to par.