I'd like to post an empire, but first I'd like to know--for instance--what the typical importance and building/researching/forging times of buildings, enchantments, and artifacts are.
I tried to balance the point costs of races with the bonuses including the bonuses relation to each other. Its probably not perfect as this will be the first run through of the game.
Building buildings is extremely important. Buildings, of which you can create 10 per province, that number being subject to change, provide all sorts of bonuses to various stats as well as the ability to create artifacts and research faster.
Research lets you learn new enchantments for artifacts and there are many of varying levels and kinds.
Artifacts give powerful spells. You can deal significant damage to armies, attack the buildings and population of a province, take control of other units, spawn undead laborers, create massive short term pop boosts and various other things. I am still finishing off the effects of artifacts.
How those compare to military and econ bonuses is hard to say. You kinda will figure it out yourself.
I will say that it takes a long time to wipe a nation of the map, so there is a lot of give in the game. Buildings and heroes can make up for many of your starting decisions.
I would say maybe focus more on your role play goals or theme for the nation. For instance a water based nation should take the water based bonuses. This game is more about the rise and fall of powers than anything else. You can make up for a lot by playing well with other players.
Probably the safest picks if you are unsure would be econ and population picks and then maybe some building time drops.
Stacking magic has the bonus of being hard to figure out, ie, what magic does my enemy have and how much of it, since spies can't track artifacts. But its risky if someone does work up the courage to attack you.