Rather than dumping points into one thing I did what most people might do and got skills up to 4,8,4,4,4,5,5,2,4,5
Able to cast a few powerful harm spells that'll take out a group like the Ball Lightning or Fireball spells. Could probably do more than a few in a day. Also able to do some nice jack of all trades things like Walk Through Walls. Or varied base, and protect spells. In other words a little of an overpowered wizard from the original SM.
I did something similar, but can't help but feel that it is actually the weaker choice compared to specializing once everything is level 2. While I am certainly able to cast things like Fireball, the things I could cast if I had specialized are *much* more powerful and versatile. The largest issue I see right now is something that was mentioned in one of the earliest threads: those who spend a significant amount of time going through all the paperwork to research spells in the beginning have a *significant* advantage of both enlarged library and a monopoly effect.