PF
Nomad doesn't do much, yet, just offers a different shipset that will not let you make colonies and some unique components. I'm still working to incorporate SJs nomadic elements.
IF
The Drakh still aren't ready to go

I've been working massive hours this week (I am already at 72.5 and I have to be back at midnight for the next phase), so I don't know if I'll have them done, stressing just to get the Vorlon's done!
Timstone
Heh - see above
Yah, the Torvalus are my favorite ancient race and I'm looking forward to playing them. Once I complete all the ancietn races I'd love to do a PBW 'Ancients' scenario and give them the ability to colonize as well as all their cool ancient stuff. Try to search for pictures of the 'Darkknife'. The ship is almost lost in the black of space, I'm working on a shipset that is not easy to see in the background - just to make life even more fun
Tesco Samoa
I actually already made a map of all the B5 systems and have been slowly populating it with planets. It is accurate to a T (based on the AoG map). Once I finish all the races, I plan on making a scenario that has the B5 universe at the time the show started - as close as possible at least. That has always been my ultimate goal!
The Shadows and Vorlons are already very powerful, plus they will be getting unique Ancient facilities that will give them a huge boost. I like the idea of 5k for the ancients and 3k for everyone else, just so they can take the standard Ancients trait to see the universe. In game they are pretty tough customers as they have access to techs that other races can't really get, plus they will eventually get their ancient armor and shields.
I believe it is a free-for-all, make alliances as you like. The only set rule I recomended (as IF said) is that the Vorlon's and Shadow's can't ally, unless it is because all the younger races have joined together to wipe them out (not so much a choice on their part), but they would never share techs - even on threat of extinction. The other races should try to role play in the spirit of their race (if possible), but hatreds are not preset (the Narns and Centauri have never met yet so have no reason to hate each other). As IF said, an alternate B5 universe.
It would be odd to think of the Drakh as friendly to anyone but the Shadows, especially since their tech is mostly Shadow based. This could also be preset. This argument could also be made for the Minbari, though the Vorlons did not share any tech with them until very recently. Anyway, if the Drakh are roleplayed in the spirit of their race, odds are they would find the Shadows as much more pleasing allies than the Vorlons anyway
Overminder
What Version SE IV do you have?