Would be a nice addition to use historic dwarves of your chosen civ though. Either for play now, or a separate "local dwarves" start option. Of course, you'd probably end up with a bunch of dwarves with tracking 11, sword/speardwarf 3, fighting/dodging/shield user/armor user 1, and a random smatter of low civilian skills. At least if your civ has been involved in wars. Would be cool to get the families&relatives of your starting seven as your first migrants though, instead of the families of your first migrants later on.
Well those would be free skills so that's actually really good. Especially the combat skills, if you don't use a danger room.
Well, the game could subtract at least some embark points depending on how skilled your dwarves are, possibly even way more than you can normally assign to your dwarves usually, leaving you with less points for supplies.
I also like Broseph Stalin's idea, hiring from a list of dwarves, and paying their full price in embark points. 1 axelord and you won't be able to afford much else than peasants after that.
Would make for really interesting embarks.
I think in the long run, the important feature to add would be at least some kind of ability not to have your starting seven appear out of thin air, whether it's a random pick, or a hiring list, or something else.