I'm a somewhat experienced roleplayer (at least on line, I do most of my roleplaying in person), and was wondering if there were any race restrictions or such in place for characters? I tend to prefer playing more beastly than humanoid, such as dragons, or the like. Is that acceptable? I'm not entirely sure what sort of power-levels are in play here, since it just excluded gods and etc in the rules.

There are no restrictions on race other than what is in the rules (no gods or demigods). As for power levels, we keep that more balanced by asking members to buy a spells and items to substitute for racial abilities from the shops, if the ability is beyond what a human is capable of. For example, shifter races need to buy Polymorph to take a new shape, anyone who wants to see well in the dark needs Night Sight, superhuman strength and agility requires the respective spells, and so on.

If you're not sure what to use to sub for an ability, please ask. :)

Just gonna make a short list of abilities that are 'major' I suppose.
1. Lightning Breath
2. Lightning Immunity 
3. Flight
4. Night Vision - Bought
5. Acute sense of smell (blood-hound-esque)
6. Strength - Bought
7. Thick scales - Stoneskin? Or armor?
8. Magically assisted burrowing - Earth-weaving? Moving quickly through loose, or lightly rocky ground without leaving tunnels, or completely tearing up the place.

I think 1 could probably be lightning bolt, and 2, air meld? I'm not really sure about the others.

For a few of those I would easily recommend: 

Lightning breath - lightning (& chain lightning for a more powerful version)
Lightning immunity - protection/archprotection
Burrowing - earth meld

As a lightning caster, I would also recommend galvanic weaving and energy bolt/field.

I want to say that all of the physical traits (flight, senses, scales) may not need spells. A bird flies with its own wings and a dog smells with its own nose, without the use of magic. A shifter attains all of these traits with the polymorph spell, so I'd argue that a mythic polymorph spell would suffice for these traits. Maybe wait for a moderator to make a call on this though.

1. Lightning Breath
What Chae said is probably accurate. Lightning or chain lightning for that extra umph.
2. Lightning Immunity
I'm pretty sure actual immunity is a no-no, unless the rules have changed. According to the rules I remember, resistances are allowed, but not complete immunity. Air meld could be subbed for a sizable resistance to lightning, but, to keep it balanced, I'd suggest putting in a weakness as well. Definitely need a mod here to clarify.
3. Flight
As long as your character has wings on their natural form or wings from a polymorph spell, you're fine. You just can't fly like Superman can without wings.
4. Night Vision - Bought
All's well then.
5. Acute sense of smell (blood-hound-esque)
I don't see any reason for a sub here. You could get adaptation if you're especially nervous.
6. Strength - Bought
All's well then.
7. Thick scales - Stoneskin? Or armor?
Armor is preferable, but both would work, I guess. With armor, you can keep the effect if you enter magically nullified zones, so that's something to consider.
8. Magically assisted burrowing - Earth-weaving? Moving quickly through loose, or lightly rocky ground without leaving tunnels, or completely tearing up the place.
Definitely earth meld, as Chae said.

Immunity is more a god's area and even then I've never made Angela immune to Earth magic.

I would suggest the stone skin. I use that for Angela since Rosenites have tougher skin :) It's a racial trait so stone skin would be fine. Lightning would be fine for lightning breath and a more powerful breath would need chain lightning.

8. What are we zerglings :D?
Definitely Earth Meld.

I guess I'll go with stone skin for now, maybe try to pick up the dragon scale armor at some point as he gets more mature. Air meld for lightning resistance, Earth meld for burrowing.

Looks like I've got a decent shopping list going. Thanks for the help everyone!

@Chae: I intend to get some of the other lightning abilities at some point too, I just want to get his more innate/natural abilities out of the way first. Mythic shifting is actually on the list for much later on, Since I'll want him able to enter human-sized buildings. The original character (Spawned somewhat from a old DnD character) was a master shapeshifter, but I'm starting him off as a younger version of that at the moment.