Current allowable atmospheres are Oxy, Hydrogen, Nitrogen, Methane, Sulfur Dioxide, Vaprous Dihydrous Monoxide, and None.
Oxy, hydrogen, nitrogen are classed as tainted, and cost 0/2/6.
Methane, Sulfur Dioxide, and VDM are classed as hostile and cost 0/4/8.
None (vacuum) is a special case and costs 8/2. 8 for normal races, 2 for lithovores (think Silicoids from MOO). Machine races get none for free.
Races should be built on 10-14 pts. So three hostile gasses run you 12 points, and three tainted run you 8. Being a machine race costs 8 points, as does being a lithovore.
I suppose if you want to blow a majority of your points for breathable atmospheres, you could. It just doesn't seem very point effective to me.