Everything you said makes sense and like you already said there are more things which have to be changed, e.g. like mentioned by LeBurns the Dragon balancing.
What I would like to see as well, although it might be more work to implement this and therefore even more unlikely to be patched into the game (but I can dream right?!), is that the stats of your units are influenced by your relationship to each race. E.g. the ironclads, which are manned by dwarfs if I remember correctly, would get a bonus if you had a good relationship with the dwarfs.
Nonetheless I will gladly pass these changes up if they make a sequel to Dragon Commander (of course including these changes and all in all improved heavily, to become a success like DoS).