On the Dragwars forum, Mark Henshaw suggested the following in September 1998:

ATTACK 12, improve every 2 Ranks
DEFENSE 6, improve every 2 Ranks
MAGIC DEFENSE 4, improve every Rank
EVASION 4, improve every 4 Ranks
Health Points 1d6+5, improve every 2 Ranks
...Like a Mystic* with +1 EVASION.

All races may be Bards (but Dwarves* don't make particularly good ones with their restricted Looks).

BardSongs

Ever played BardsTale? A Bard may play a number of songs equal to his Rank every day. He cannot play BardSongs without his instrument.

At 1st Rank, can play BardSong to inspire +1 ATTACK, or +1 DEFENSE to allies.
At 3th Rank, can play a BardSong to pacify enemies (who aren't dead set on spilling blood)
At 5th Rank, immediately awaken unconscious characters. At 7th Rank, enhance concentration and grant +1 MAGICAL ATTACK or DEFENSE to allies.
At 9th Rank... you get the picture. You may want to restrict songs to more social functions like wooing women or making performances for food/money, but as DW is a largely swords and sorcery game, I think it's best to try to fit Bards into things this way.

Haggling

Bards also have the ability to Haggle with merchants and shopkeepers; he must roll under his Looks to do so. If he is successful, the price drops 5% for each point in his Rank (yes, this would eventually drop prices lower than 50%, but I figure a 10th Rank Bard is famous and well loved by the world at large). If he rolls his Looks exactly, the price doesn't change. If he fails, the owner of the item refuses to sell. This works in reverse as well, increasing the price of goods sold by 10% for each point in Rank that Bard is (think how much money Elvis could get for selling a pair of shoes).