DougEfresh forging speed isn't really the same when looking at a bigger picture. My axe man requires 8 iron, 1 wood, 190 gp. While the 15 slingers are 15 iron, 15 wood, 75 gp. Orcs can afford to run their forges 24/7 without breaking a sweat, and they get enormous boosts to iron/wood production - so that's no problem. I can't afford to run forges that long, actually I only run forges for parts of a day usually because I can't afford the expensive everything.
Really what downside is there to the orc in that scenario? None, it's all easy street for them, buff after buff after buff, only barely limited by their capability to produce more peasants more quickly. And yet, they still have multiple ways of improving the peasant production speed. I don't have a way of making my units cheaper.
So should we increase orc/gnome birthrates by double, and cut all other races unit costs in half to compensate and balance? There has to be a balance, not just throw more buffs at a race because they have one shortcoming - one that everyone else also has to deal with as well.