It's a fun challenge! Here are some things I've discovered from doing this kind of embark myself:
- Any stone that you trade for should be saved for mechanisms, buildings that need to be fire-safe, and smelting (if it's ore or flux). Mechanisms are the only thing that can be made of stone which can't be made from wood, and furnaces can't be built out of wood (for obvious reasons!).
- You won't be able to get much metal, even if you melt down everything the traders bring and request as much as you can; so be prepared to defend with traps and maybe ballistas. Don't wait long to build a town wall - you can always expand it later, but if you're not finished by the first siege then you're in trouble. A moat works well, but if water freezes in winter* in your biome then it's not enough on it's own.
*If water does freeze on your map, you will need to dig an underground cistern so you have water for the wounded. An above-ground cistern will still freeze, even if you put a roof over it.
- You'll need to do overground farming, so bring a herbalist or two (for collecting seeds), or enough food to last you until the elven caravan (although there is no guarantee they will bring seeds!). Fishing and hunting might also be useful to suppliment your food, and I wouldn't go with fewer than two woodcutters -having three or even four wouldn't hurt.
- You won't be exporting stone crafts, but cloth and glass (if you have sand) make good trade products. If you go with hunting and fishing or you bring livestock it will give you some leather and bone (which will be your only sources of armour unless you're importing a lot of metal), and if you're lucky enough to get hold of some Sunberry seeds you can sell Sunshine for quite good profit.
- Improving rooms is harder since you can't smooth or engrave - this can be helped a little by using blocks instead of logs for the walls (with the bonus of training up your carpenters), and if you sew images onto ropes dwarves can admire them in the same way as engravings.
- Embarking on a volcano would be very helpful (no need to burn so much wood for fuel, especially with all the melting you'll need to do), but you might also decide that it takes off too much of the challenge. Even having magma doesn't mean you can use it, though, since fire- and magma-safe materials will be hard to get.
It can get a bit repetitive (since you spend a lot of time laying out walls, etc.) so plan something interesting to work towards. Giving your fortress a real 'fort'- or 'town'-style layout can be fun, with streets and houses or dormitories.
Overall - good luck!