After several drawings, I have finally drawn out three possible directions that my typeface could move into. By now I have a good idea what my letterforms will look like. I just need to lock on the characteristics in terms of structure.
I have been referencing the famous humanist typefaces such as Stempel Schneidler, Jenson Pro and Centaur since they well established typefaces that have set the path for other transitional typefaces that are known to read well. My x-height, ascender and descender measures are all inspired by these humanist typefaces.
"Letting in light" into my counterforms has made the letters far more readable than before. Went through a type history 101 on www.typophile.com. Its a great site with heaps of information on topics such as these.