Back on topic though, I'd argue that it comes down to your level of alt-itis.
What I mean by that is, if this is going to be the one and only character that you ever play, Iksar is the clear choice. In that case you won't mind putting in all that extra time to level an Iksar to back to your gnome's level (and the extra xp beyond that because of the penalty) because in the long run it will be worth it, and then once you reach 60 you'll have time to fix factions (if you even want to bother). But if you stick with the gnome as your only char, you'll forever be wishing he had regen.
On the other hand, if this is going to be just one character of many for you, who cares if your necro is slightly-less-than-maximally efficient? A gnome necro can farm loots for your other chars just fine, and will get to the level where he can farm the best loots faster than a re-rolled Iksar would.
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