As Zyxpsilon mentioned it is very hard to settle on any one race setup, and perhaps best you don't too. I used to play the canned Torians very early on and got used to their settings. When i did venture out to play my custom and other races, i found that i did not adapt very well as i was very used to the Torian setup.
A rut you may not wish to find yourself in.
Playing one race alot will help you learn that race's characteristic's but may not do you any favor's later. But by all means give it a try, it is as good as a place as any to learn, but if you wish to stick with one race for a while i'd make these suggestions.
Focusing on economics will help you in
every area. I very rarely spend any points on any weapons or defensive abilities. The econ boost you will have will provide you the ability to outbuild the AI and out tech him. His +5% in weapons will be of very little use when he is using Lasers V and you have Phasors and Barriers.
Population growth and morale are another important key area that will aid your economy and defenses. A higher morale equals higher taxes equals more BC's. Plus getting your planets populations high as quick as you can helps you when the AI comes to invade you plus you have the troops ready to invade him without suffering the econ drop.
The Super Ability. Super Diplomat is great for anything but conquest victories, IMHO. I use either Super Breeder (fast population growth early in the game = no debt early game) and Super Hive (factories build very fast which builds your planets and ships quicker so this means less time focusing on social and more time focusing on military and research sliders.)
Again the party you choose has to be directly related to the game you are going to play. I like the Industrialists for the social and manufacturing boost. Good for all strategy's. The Federalists too are good for a econ bonus. More money means more of everything.
Try picking one of the Canned races and tweak it to your desire. A favorite of mine is the Thalans with their Super Hive ability and these settings,
Basic settings
Econ +25
Social +33
Military +33
Logistics +6
Miniaturization +10
And i choose,
Econ 20% (3pts)
Morale 15% (2pts)
Pop growth 15% (3pts)
Along with the Technologists (+20 research, +1 sensors) for your political party you have given yourself a good platform to build that should see you stay out of debt early and allow you to build your planets and economy very quickly.
Hope some of that helps.
Neilo