I haven't seen much lore about this race other than what is on the preview page at EQ's official site, but this race could very much pass as the 'near-extinct' Kedge (each time Phinny goes down, you are actually killing off an entire race...think about that).
These aquatic humanoids seem almost shoe-ins as the Prexus-worshipping 'forgotten' race. It would have been interesting to play as a Kedge. (Where would they have started? Would you start out amiable to Phinny and his mermaid entourage? Just a random thought...)
I remember reading a rumour that Verant did indeed have sketches and plans to include the Kedge as a playable race way back in beta...obviously scrapped.
Flash forward 3 years later and we are given the option to play as quirky-looking amphibians...close but no cigar. Too bad, SOE missed the boat on calling these Luggalds as Kedge. But maybe as LoY gets further explored an better explanation will be given about the Luggald ...and maybe (just maybe) they are remotely related to the Kedge.
Interesting idea, but it would appear all the Luggalds worship Innoruuk (and maybe Cazic-Thule). Prexus doesn't seem like the kind of god that would be friends with either of those bad dudes. Could be they turned away from him at some point in the past and Phinigel is the last of the Prexus-worshipping Kedge.
Regardless, I like the Luggalds and think it'd be cool to find out more about them.