I've modified my random hero generator and added a point-buy editor using similar rules. You can raise and lower the hero's attributes within the point allowance and select from over 200 abilities; the creation rules are also parametrized and highly customizable, so if you don't think the way I set it up is fair, you can change the point allowance, the costs, and the ability list to whatever you wish.
I don't guarantee this will be completely balanced; in particular, some costs that are appropriate for random generation may be too low when someone is min/maxxing the stats. But I think it's pretty good, and I want it to be as good as practical, so please post some heroes you make, or observations/concerns about balance.
Here's a few heroes I created:
Vargrim the Vengeful
Conquest: 1
Stats: 8 wounds, 0 armor, 4 fatigue, 5 speed
Traits: 3 magic
Skills: 1 subterfuge, 2 wizardry
When you resurrect, you may immediately move your speed and make one attack.
Nira Nightwatch
Conquest: 4
Stats: 16 wounds, 2 armor, 3 fatigue, 3 speed
Traits: 2 melee, 2 ranged, 2 magic
Skills: 2 fighting, 1 subterfuge
You can trace line-of-sight through Fog. Your attacks ignore Fear and Ghost. The overlord cannot spawn monsters in spaces that have line-of-sight to any empty space adjacent to you.
Merad the Learned
Conquest: 2
Stats: 12 wounds, 0 armor, 3 fatigue, 3 speed
Traits: 1 melee, 1 ranged, 1 magic
Skills: 2 fighting, 2 subterfuge, 2 wizardry
When you receive starting skills, you draw twice the listed number in each category, then discard down to the listed numbers.