This is nice, and I do think that favored Enemy is the more thematic, selecting "Humanoid" as your favored enemy, you have to specify 2 humanoid species it does not give you bonuses to every single humanoid. Also if you are going to use Unearthed Arcana, I would mention that towards the start.
The official version of favored enemy yes, the revised version just works for all humanoids. I prefer that since aragorn has displayed expert tracking for everything from orcs to humans to halflings. If you go with the official version, I'd go with orcs and humans
