swordchucks:
Two isn't a bad number. Are there specific things about Pathfinder/D&D you'd like to see emulated in GURPS? Dungeon Fantasy tries to do several, but also doesn't touch several. Now would be a good time to make suggestions and requests as I'm still working up a list of house rules.
I find the odd thing with Dungeon Fantasy is it seems to focus on emulating the one thing most contrary to GURPS: classes instead of skills. That was the one thing I always found problematic in D&D/Pathfinder. What if you want a certain type of character that doesn't quite fit? Then take a few levels of A, a couple levels of B, and level of C so you qualify for a few levels of special (advanced/prestige/something like those) class D followed by special class E. Even D&D/Pathfinder found its own class system too limiting.
But there are a lot of great things. Here are a few thoughts:
My biggest thing is niche protection. The way the classes are set up, characters tend to fit into certain niches. So a group works well with a mage, a cleric, a fighter, and a thief or something roughly similar to that. Everyone gets to be a star. But creating classes like Dungeon Fantasy does is rather antithetical to GURPS. What about restricting certain Advantages instead? For example, you can buy Magery, but that will only give access to certain spells (loosen up some prerequisites instead of allowing all prerequisites). Combat Reflexes is only for fighters. Etc. You might allow for primary and secondary or a split somehow so someone could make something that overlaps some of these areas.
Levels make nice break points and help keep players tracking similarly. You could limit things based on level (measured off cp). You have to reach a certain level before you can get beyond certain scores, like high levels of Magery. As long as you allow high enough, you get some specialization which helps with the prior point. You could make different caps, though. For example, with 200 cp, you might limit 80 points in class Advantages, 60 points in any one class Advantage, or something like that. Then you could go with 40/40, but you won't reach what someone putting 60 into one would reach. It would guide toward niches by using levels/break points, while still allowing much of GURPS's flexibility.
The "races" are nice just because their classical Tolkien in many ways so most of us know them really well. It makes it a lot easier to convey a fantasy setting when everyone has a shared understanding of so much. GURPS works perfectly well with "races."