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If you were to attempt to tackle a project of this magnitude you wouldn't be able to get away with it being left up to individuals. For balance purposes it would have to be organized into teams, otherwise you run the risk of making thing wildly OP.
At the very least, you would need an impartial editor or two to give feedback/final approval.

First off, each entry for the current codex would need a brief summary of five main points:
• price change
• stat change
• equipment change
• rule change
• other
(obviously, not ever unit would need every point adjusted, so simply leaving it blank or "N/A" would be fine)

So using Destroyers as an example,

NECRON DESTROYERS
Price: decrease (35pts)
Stats: N/A
Equip: add weapon options
Rules: add option to take equip that gives Relentless
Other: N/A

For Flayed Ones,

FLAYED ONES
Price: N/A
Stats: N/A
Equip: N/A
Rules: give Shred (another rule so possible to assault after Deep Striking?)
Other: move to Troops. change Imotekh's Bloodswarm Nano-Scarabs so that marked unit is chosen by player, no longer random

Once the entire codex has been evaluated and everyone has weighed in on what's fair/what needs to be changed, THEN you start working on the fine details.

 King Pariah wrote:

 CthuluIsSpy wrote:
Oh yes, that's a great idea! Might have to bump that option to about 25-30 points though. How powerful of an ability is interceptor?

Against armies that like outflanking, infiltrating, deep striking, etc. Interceptor is a pain in the ass.

Hmm better go for the 30pts then. Now, should it be an option, or built in, increasing the base points cost to 120? So many decisions...

 CthuluIsSpy wrote:

 King Pariah wrote:

 CthuluIsSpy wrote:
Oh yes, that's a great idea! Might have to bump that option to about 25-30 points though. How powerful of an ability is interceptor?

Against armies that like outflanking, infiltrating, deep striking, etc. Interceptor is a pain in the ass.

Hmm better go for the 30pts then. Now, should it be an option, or built in, increasing the base points cost to 120? So many decisions...

I think I'd have it built in.

I'm going to start up a new thread specifically for this fandex. That way we're not gonna clog a destroyer thread up. Skoffs is right this is going to be a herculean task, so if anyone can find an editor who can be impartial that'd be grand. Best of luck to us all gentlemen.