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[Scatty]

I think when you select a class, the 18 points you got there will automatically be distributed to fit the minimum attribute requirements for a class (which are quite high for a Ninja, for example), so depending on what class you select you'll have more or less attribute points left to spend as you like, in the end. Or maybe none at all, if all of them will be spent to cover the requirements. It's perfectly ok to select a Bard with 18 points, higher attribute points are a good bonus for any class.

Just my opinion, but Elf as a race is mostly only useful if you want to make a Ranger of it. There is a special, very useful bow which can only be worn by Elf Ranger and which transfers up to, and into, Wizardry 8. Which probably would be the only reason to select an Elf Ranger anyway.
If you want melee fighters like Samurai, Lord etc., Dracons, Lizardmen (though these only for Fighters) Dwarves and Mook might be a better choice. If you want spellcasters, Fairy is mostly all the way to go. Well, Elves might do, too, but Fairies have better AC and better / more spell resistances. And +1 Mana regeneration as a race bonus, if I remember correctly.