The variation I came up with was that if you took your favored class at 1st level (and only at 1st level), you'd get an extra talent from that class. Thus, barbarians who took Scout at 1st level could be a little more Scoutier than, say, easterlings who did. Common men (the "human" of S&S Saga) simply got an extra talent of whatever heroic class, assuming they took a heroic class at 1st level.
Now that I'm starting to actually build some NPCs with it, I'm wondering if that's not too powerful. As it is, S&S Saga characters start with a 30 point build and one more racial ability than in SWSE. The gap between heroic characters and mooks is going to be more like a chasm at this rate.
Perhaps keep the favored class talent, but lower the point-buy back down to 25 or 28? Hmm. What do you gamers out in LJ-land think?
PS: For reference, the races I settled on (and their favored classes) are:
Barbarian (f.c.: Scout)
Common Men (f.c.: any heroic class at 1st level)
High Men (f.c.: Noble)
Easterling (f.c.: Scholar)
Horse Lords (f.c.: Warrior)
Sea People (f.c.: Rogue)
These are meant to be generic enough to move to other settings easily.