Now that you mention it, I totally want to see more choices for the look of a Khajiit...except none of the ways that you listed there. There's a book, I can't remember the name of it at the moment, but it goes into detail about Khajiits and their different looks and styles based on the two moons. Some Khajiits look like elves and paint their faces to resemble cat-like qualities, while others walk on all fours and cannot speak. The latter should obviously not be playable, but you get the point. It's odd that only one type of Khajiit seems to appear in Morrowind and Oblivion. In Arena though, I'd say the elf-Khajiits seem to be present, given that they look nothing like cats at all.

EDIT: http://www.uesp.net/wiki/Lore:Khajiit#Morphology

Yeah I know that the Khajiit were originally meant to be very humanoid (probably look like Jim Cameron's Avatars but yellow instead of blue), but all I want is to play as giant fearsome Khajiit tiger or a Argonian Velociraptor.

Yep, Khajiit originally looked like Navi.