I'm kinda entranced with the bless effects, so I usually do a limited rainbow mage type with maybe a strength of 4 in 3 different paths. Or sometimes just 2 paths.
The main thing I try to figure out are what my magic goals are - like I want to research quickly to Mass Protection, getting Wind Guide and Mother Oak along the way, then focus on Construction.
What determines these goals is usually an idea of how to optimise a certain effect for a certain race - e.g. Pangaea with lots of fairly cheap low PROT troops which could use Mass Protection, mixed with summons built on the gems from Mother Oak = swarm kind of attack. Or Man with Wind Guided longbows and artillery in the form of air Evocations = stand back and bLast your enemies from afar.
I agree with Cherry that 1 point RM is pretty useless - you won't find much in the way of valuable sites, and you won't be able to forge magic-enhancing items, and you won't be able to cast global enchantments (or other such fun rituals).
I too have not ever really gone for much of a combat pretender - too afraid of battle afflictions and annoying & stupid deaths. But I know it works from the many people who practice it.
but I'm rambling, so I'll stop now
