Advs/Disadvs: DR 1, Greed, Intolerance, Miserliness, Reduced Move, Extra Encumberance, Longevity, Extended Lifespan, Fatigue +2, Hard to Kill +1
Skills: Axe/Mace, Merchant, +3 to Crafts
Other: -2 penalty with missile weapons.
Greed, Intolerance, Miserliness, Longevity, and Extended Lifespan were simply discard/relegated to fluff. Damage Reduction 1, Extra Encumbrance, and Fatigue +2 didn't seem like they translated well into HOW so those were discarded. I converted Reduced Move to a DX penalty and Hard to Kill to an EN bonus. I'm a little unsure about whether RM -> DX penalty is a good idea. Since the attribute minimums add up to a greater number than the standard races (34 vs 32), these Dwarves have less Hero Pts.
The -2 penalty on missile weapon attacks was just copied wholesale.
For racial bonuses, I created two versions. One is combat-focused (+1 on Axe and Mace tests) and the other is craft-focused (+1 on Craftsmen and Merchant tests). Because of the steep ranged weapon penalty, I'm debating whether Dwarves should have BOTH the combat and craft bonuses.
Advs/Diadvs: Attractive, Combat Reflexes, Magical Aptitude, Musical Ability +2, Unaging, Code of Honor, Sense of Duty
Skills: +2 to Bard and Savoir-Faire
Unaging, Code of Honor, and Sense of Duty are once again relegated to background fluff.
In GURPS, Magical Aptitude increases your effective IQ level for the purpose of spells. I decide to drop the IQ +1 from the stats and instead give Elves an effective IQ bonus of +1 but only for purposes of learning spells and casting spells (i.e., turning tests to 3/IQ). Other spell effects dependent on IQ such as range, damage or duration would use the Elf's actual IQ.
I'm discarding Bard and Musical ability because that's intruding on the Faun's niche. Savoir-Faire is a skill for not acting like a social boor and something more suitable for roleplaying instead of mechanics. Attractiveness is also getting tossed in the bin, since in GURPS in only affects members of your own race and seems redundant because of that. While I like the idea of Combat Reflexes (essentially, +1 to your side's initiative), I feel that the Magical Aptitude + initiative bonus is a little too much.
As an aside, Half-Elves would use Human attribute minimums combined with the Elf's effective IQ +1 for spells.