I don't think any of the characters have to absolutely be any one race, Valentine included. Although the Latin and R&B elements in the music and libretto suggest Hispanic and black actors in the leads, it's really not essential. I think what the creators wanted more than anything was a sense of family and friendship throughout the cast.
It's true that the motivation behind the diverse original production was heavily influenced by racial issues, but I see that as just one interpretation of the material that was relevant to that time period. Mel Shapiro says in the OBC liner notes: "This was a time of the war in Vietnam and great racial divisiveness...The impulse behind the opportunity to do this show was to bring us together racially. We needed love, not more hatred of each other." It's that "love" he mentions that I think is the most important part of the show. If you've got that, it shouldn't matter what race anyone is.
I love this show--good luck and have fun with it!
"If there is going to be a restoration fee, there should also be a Renaissance fee, a Middle Ages fee and a Dark Ages fee. Someone must have men in the back room making up names, euphemisms for profit."
(Emanuel Azenberg)