+4 damage boost at current AP cost, the attack bonus boost line reduced to 1/2 costs?
And I like the thought that we can pick up racial variants, rather than just the generic 3.5e 'Elf'. "Red Elf needs food badly!" (I always let the commie die. :P) Though I seem to remember one that took a CHA hit instead of CON, but was otherwise the same. I'll have to look later, when I have more time.
+4/-2 may be a bit too powerful, unless it's expensive, and if it's too expensive no one will want to spend the AP. Should be in line with 3.5 rules, +2/-2, no more than 2AP per tier. 4ap for +1 to a stat isn't all that grand; I never take the regular enhancements like that either, just the first tier to even out that particular stat. Since there's a penalty involved, it shouldn't bee imbalanced with the regular stat boost lines. Should also open up, where applicable, 1AP martial feats based on those variants. IE Valenar Elves would be able to spend an ap to get Scimitar or Falchion proficiency.
Drow are the biggest issue, as they're an earned/pay to play race, which is weaker than any of the free ones. For 32 point build, Elf is better, for 28 point build, I think I calculated that only Elf was worse, save for three classes. In most cases, I'd rather have a 28pt Human, Dwarf, or Halfling than a Drow.
Drow SR needs to become passive, say 11+1/level instead. Currently, the only time you'd have SR save you is if you run Waterworks with a level 20 who took all the SR enhancements. My Drow Bard has never had her SR do anything. It needs to be strong enough to provide a clear benefit to taking the race, and one which helps counterbalance the CON penalty.
Maybe change what racial weapons they get, dropping the Shortsword and Shuriken for something else. Maybe Bastard Sword, so it'd be something other than vendor trash. Just go with whatever Ebberron Lore has for them that'd fit. Maybe give them the Falchion for free. Slightly more common, and definitely more useful.