You can make classes/races/etc. all you want and publish them under the rules. My only concerns is adapting the SRD content to be part of a completely different game, and publishing the rules in the SRD, perhaps as the first part of the game, as I've yet to see any third party publishers print an entire campaign guide/players guide that reprints the rules, thus telling you how to actually play D&D. I'm hesitant to believe WotC would actually allow that to happen again with Pathfinder doing so from 3.0. But maybe you can. I'd rather tell you that you might not be able to do something and make sure you don't get in trouble, rather than going, sure you can do it and then have you get in trouble for doing it. So if i'm wrong, I'd rather be wrong with telling you that you can't do something (so you don't get in trouble) vs telling you that you can do something when you can't (where you can get into some serious legal trouble with WotC).

Also those are the two spots I see where there might be an issue. And is it possible to go around both issues? Probably. I would just prefer making sure that was okay with WotC before doing it.

As Stormknight mentioned, if you have any concerns you should direct them toward WotC, not on the forum hosted by Curse with potentially no WotC employees around. I have only tried to point out where I think there might be an issue, not where there is certainly an issue as I'm not an expert on lawyer speak. Also, if you are going to do this for real, then I would say 1) Make sure anything you get from WotC stays in writing, and keep a copy of it. I'd back up all the email exchanges. 2) Talk to a lawyer. Especially if this is going to be something you plan to make money with and WotC has not fully answered your questions.