Coelocanth: Agree with the others. Having said that, just look at what each race has for benefits and drawbacks (and in the case of IWD1 also look at their class restrictions) and plan accordingly as far as what race to use for which class. Make sure you have the 4 roles covered. If you plan to use more than 4 in the party, then double up on casting and/or tanking with the extra members.
Elmofongo: Well right now I want to make a the most cliche party of Races/Classes:
Human Fighter armed with Sword
Elf Mage armed with Staff/Rod
Dwarf Paladin armed with Two-handed Hammer/Axe
Gnome Priest armed with Mace
Half-Elf Ranger armed with Crossbow/Two-Handed Sword
Halflng Thief armed with Bow and Arrow/Dagger
Ranger class are the kind of class good with ranged weapons right?
A Dwarf cannot be a paladin in IWD1.
Gnome Priest is potentially gimped -- max WIS is 17.
Ranged weapon skills have bonuses based on race rather than class: Elven Ranger is better than Human Ranger, due to the bonuses they get to bow, sword and DEX.
For a 'cliche' party, you'd be better with your Fighter being a Dwarf, your Paladin being a Human, your mage being a Gnome, and your Ranger being an Elf.