My only issue with adjusting the zoom-out radius would be killing the scale sense of the game. Some games lock your camera to be zoomed in to a certain amount to keep a sense of scale - if you can zoom out far enough that your ancient looks like a miniature, what's the point in making your ancient large compared to the environment and putting detail on the ground?
Playing a biped, I just recently noticed so many details in the game and it literally feels like a new game. Mimics are honestly horrifying rather than moving chests, the darkness in Ashlander's Tomb is awesome when your entire body isn't taking up the space of the cavern and shoving your camera outside, etc.
I'm also not sure if zoom can be adjusted on a race-by-race basis. Dragon ancients are, technically, another race alongside khutit, hatchling, and adult. You can zoom out from your biped as far as you can zoom out from a dragon. Prove it to yourself - go into khutit form and zoom out as far as possible. Form back to ancient. Your camera will lift as your center of gravity changes, but it will not zoom in or out. Zooming out will avail nothing.
Furthermore, I think zooming out is only a problem on small resolutions. This is max zoom out for my ancient on 1920x1080, even with the original ancient mod:
Knocking my resolution down to 1366x768 gives me this:
Honestly even then I have a lot of screen space, but my UI crowds up. I'd have to take up a lot of that free space for my UI.
However I do agree that the camera in creation needs to be fixed, it's a pain. Either that or ancients and adults on creation screen aren't shown as real-size, but rather setscaled down just so you can see the design on the different head/proportions.
TL;DR: I don't see much of a problem with ancient zoom out radius, at least on higher resolutions. I fear for the game's scale and detail if it's upped. Creation windows are definitely a pain.