SK race
 

Does regen matter as much for SK as it does for a Shaman? Would i be better going Ogre for the FSI?

Do you want to have things go faster when everything is going right? (Regen) Or do you want to get stunned while trying to feign death when everything is going wrong? (FSI)

Or do you want to have a tail and a sweet chicken mask(also regeneration and higher natural AC)? Iksar.

play whatever you think is prettiest (the correct opinion is dark elf btw)

The only thing that matters in 17 year old phantasy roleplay games is nothing.

Regen doesn't matter *as much* on an SK.
Do you plan on soloing more? Regen helps this.
Do you plan on grouping more? FSI makes you a better tank, regen makes you less squishy.
Both are good.
As for large or small races... Having slam to bash with a 2h is great. Not having to duck/rely on shrink is also great. Another factor is the iksar 2hs animation.
It really depends on how you plan to play, what gear you have, and how you like your aesthetics..

DE SK
no regen
no slam
one friendly city - well friendly as most wont kill you (kos from warrior guild is easy to get)
horrible starting zone
You'll really need to gear some stats to start, preferable.

DE SK FTW! :D

The more you solo, the better regen is for you. It is not as important as it would be for a shaman, to answer the first question, because you don't have canni.

FSI is very, very good. And FSI can't be duplicated by any items. Regen is expensive, but FSI is impossible to get unless you rolled it at game start.

This quote is more or less bang on:

I have been contemplating sk. I think I'll do iksar mainly because of ability to do Greenmist quest. Plus, Regen

Iksar are a good choice, but seriously with Velious raiding gear - you'll get the job done whatever you pick.