Here is a good example of why the abundance (or lack there of) of the different races shouldn't be a big deal. There have been multiple races in the Zelda series. Some only exist in a very small number of the games. The Oocca, for instance, are ONLY in TP, yet it is stated in TP that the Oocca helped build Hyrule (I think that's what it was) and are a very advanced race, yet we don't see them in OoT (or MC if MC goes before OoT), so why are they not in OoT if they were around in TP? If you were basing your timeline on Race involvement then you would put TP at the beginning because the Oocca don't appear in any other game.
You also have a weird distribution of the Deku people. In OoT, MM and WW there are Deku, but there are also Deku in MC which you have after OoX (which doesn't feature any Deku).
If you're going to look at one race, you have to look at the rest of them and by doing that you will see that the timeline does not match up based solely on races.
EDIT: The Oocca didn't help build Hyrule, the myth behind them is that they are the closest thing to Gods and that they may have been the ones to actually create the Hylians.