I think most of the lore will be there in the defaults, small adjustments to that are fine... large ones should eventually just be custom civs. Although with lore/backstory I would love it if each trait linked with a line of text that was added or removed to the backstory. So... with the default options they have the backstory, change a trait and it changes any backstory related to that trait.
General lore - Faction specific
"after the war of the titans..."
Race specific text - Tarth
Personal bit - Sov specific
"Lord Frogboy, unlike many frogs is able to cast magic..."
backstory - Job specific text
"...a troubled early life, stealing from the rich... and the poor"
"ugly in human terms perhaps..."
Final kingdom/fallen text
"Now he/she strives to..."
If you adjusted the old job it would adjust a linked description that appears in the background. All it would mean is having the descriptions moved to the background. Have it editable still, but it'd be a nice starting point for making custom factions that didn't feel empty. (Galciv 2, I had stupid squirrel empires angry and after your nuts, and the odd insect empire and things... but it wasn't really the same as having a race with a background that fitted the universe.)
It's mostly cosmetic... and the background text hasn't been implimented yet, but I would like for the changes you make not to seem random and be reflected in the background. Start with a warrior and turn them frail and people should see that if they read your background without knowing all your traits.
Now what would take more time but would be fun, if other players can read your background mid game and they get used to each race having certain traits... for any of the key traits you reverse they'd have a 'trait lost, opposite gained' text in their background:
Selanna, the most beautiful of the *insert race*, able to enchant mere mortals with her smile. Not for evil, for she is known and respected throughout the land for her kindness. Determined to revive the land and restore what was lost.
(beauty + kindness, kingdom)
Selannna, known once for her (beauty) and (kindness) now (kills for fun) and has (lost the smile that enticed) and gained in it's place (a sneering look of contempt that is hard to ignore). These changes seem to be the work of something evil, something happened to change the woman we once knew. Although she used to be (determined to revive the land), now we can't really be sure of her intentions.
(wicked + arrogant + ugly)
Also, a small point but at the moment the equipment choices have no effect but I'm sure it's possible that they could represent actual equipment later. (scouts cloak, platemail shirt vs tunics and breaches... maybe equal cost items or with an associated cost for the early game bonus)