Hi everyone,
I am new to the forum and find this thread really interesting. I´d noticed that there are different ideas on how to create a race, which is good since this is purely a fantasy/imagination exercise and we should let our minds dwell freely to be creative.
I will like to add to the discussion that there is one single concept that should drive the whole creation process, specially if you are looking for a meaningful result. This one concept is: purpose. Clearly the best examples of creatures on any mythos that you can think of, are the ones that have a clear goal within the whole structure of the world/setting/story. By goal, I do not want to mean "save the princess", by goal we should answer ourself "What is the role/goal of this creature in my world?".
A few examples about how you can approach this question:
Horror Creature. The goal of this creature in my world is to terrorize people.
Examples, Alien and the H.P. Lovecraft Mythos.
These kind of creatures were created with a specific goal: terror. Their biology (Alien) or their backstories (HPL Mythos) make humans feel small, helpless and scared, their blood is acid, they exist long before humanity, there almost immortals or at least they are extremely difficult to kill and finally humans are just tiny preys for them.
Godly Creatures of good and beauty. The goal of this creature is to represent all that is "good" and "magical/divine".
Example: Tolkien Elves.
Clearly the goal of Tolkien was not only to portrait the folkloric elves (which are not as tall and handsome as the Noldor for example). Tolkien wants to make a point, these are good, magical, quasi-divine creatures. Therefore his "elves" are ageless, extremely beautiful, always with an "aura of light". Compare this to the orcs that fit perfectly with the idea of "evil creature and extremely ugly". Clearly both have a purpose within the world/story.
I hope this information turns up useful. Feel free to contact me to share your ideas.
Regards