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I agree with zahar0z; we need to choose decent units so that there isn't such a mess as with leprechauns and medusas. I would also try to avoid units that are clearly not lore-friendly, like night elves and ogres.
We could also combine it with other projects based on NCF, like that mod for units from the seventh game – new creatures in jars is cool, and we could try to take a mod for new units in cities or create an entirely new mod for units in cities, making upgrades not for all units, but for some – the flagship units of the faction, like special super archers for elves, super-heavy dwarf infantry, or dwarves with firearms, or both, and in Inferno, beautiful succubi, etc.
We can play with the balance of the factions.
New units are stronger than their counterparts; we can give them a higher level and a higher price for balance.
Since they are expensive, we will have to give up hiring weak units, and the Knights have taxpayers, so we can make epic paladins that cost a fortune.