Some random bits of feedback:
The race creation rules seem overly complicated. I'd probably drop this entirely and just say:
A race is a template. Some races will have more stuff in that template than others. Exactly what the musts and options are depends on what the table decides is appropriate
For example, a human (presumably) has no powers that they must buy, but also no options for racial powers that they could buy. (Or perhaps you're running a setting where humans occasionally manifest psychic powers! Which could alter the race template quite a bit...)
An elf might also have no musts, but be allowed to buy Echoes of the Beast (with the language provided being a specific fae tongue), Inhuman Speed, and/or some specific sponsored magic. Or for a setting where elves are ancient immortals, they might have musts of Inhuman Recovery (w/ a Cold Iron catch) & Speed, with the potential to buy nearly any power.
There should be some table-wide discussion of whether the "pure mortal" refresh bonus is setting-appropriate. Consider, as an alternative, making mortal stunts cost one refresh per two stunts - that, combined with the ability to make your own stunts that are exactly what your character needs, should put them on par with powers.
There should be some discussion of whether "Lawbreaker" powers are setting-appropriate - and if so, what the Laws of Magic should be for this setting, and whether or not there's anyone around who tries to kill off people who break them, and whether or not such powers should be limited to magic.
And, lastly, there are two specific powers I'd suggest banning: Demonic Co-Pilot and Feeding Dependency. Having seen these in actual play, they both suffer from the flaws of requiring a significant amount of extra dice rolls and bookkeeping, as well as being abusable (especially on spellcasters with high discipline skills, who really don't need any more help). I suggest using aspect invokes / compels in place of either of these powers.