Factions in the sense you, Duskling, infuse it with, Duskling, don't seem to apply to the Telepath style, methinks. Rather, we can see different groups of individuals having, on occaison, overlapping ambitions, but it is pretty clear that the "faction" in a sense you talk about has already been chosen for you, at least initially: the People's Resistance of Ravinale.
Plus, many of the groups of individuals are not necessarily good or evil: as you rightly said, the merecnaries are there for the money; the Shadowlings may not care as much about human's business, what with the lack of warfare and all; Psy Academy has it's own interests to protect and may not necessarily send out its troops to help out someone in a distant land, though they just might feel threatened by the Cult and its ideas; the local tribes, like the Marid, don't think the Cult (ostensibly evil faction) are their problem and only helped in a quid-pro-quo fashion. So, I wouldn't necessarily say there is a simple divide, nor does aligning with any of the other factions currently make much sense (apart from, maybe, the Psy Academy, to which Duvalier might be able to enroll/get connected with, perhaps?).