There really is no "best" race for a wizard - best to play the one you enjoy most.
My main, Zirumkin, is a gnome. Gnomes have very high starting INT, can tinker, and have infravision. I have also found, very interestingly, that as a gnome wizard of Solusek Ro, I am welcome in:
1. All good cities,
2. Neriak, ( I did the Neriak wine quest to up my merchant faction a bit, and killed a few high-elf npc mobs in Nektulos forest to raise my "The Dead" faction),
3. the Overthere Outpost,
4. The good outpost in Firiona Vie,
5. The evil outpost in Firiona Vie,
6. Katta Castellum, and Sanctus Seru (on Luclin).
Lets see any other race of wizard try that. Carefully consider the above when choosing your race and diety, as the cities/npc's you have access to determines, quite naturally, the kinds of quests you have access to as well.
Only the ghouls outside the Neriak necro guild are kos to me (but the necro guildmasters are NOT kos, lol!), as are the guards in Oggok, Grobb, and of course, Cabalis.
The other races offer either more stamina / strength (humans), better night vision (dark elves, frogloks), breath weapons (drakkin), or higher starting intelligence (erudites).
Just my 2 cents.
Edited, Jan 24th 2007 10:35am by zirumkin
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If you can't do something well, learn to enjoy doing it poorly.
My Rathe / Prexus characters:
Bigbronze Bloodyaxe, 62 Ogre Berserker
Verbeeg Bearfang, 62 Ogre Beastlord
Glabrezu Spiritcaller, 62 Ogre Shaman
Zirumkin Zenomorph, 62 Gnome Wizard
Korgulon Soulwraith, 76 Ogre Shadowknight <Shining Alliance>
Incarnadine Summoner, 65 Drakkin Magician
Bristlebane characters:
Zalkahriz Ebonscale, 64 Iksar Necromancer
Gnomorre Gniceguy, 55 Gnome Rogue
Whytfire Lonewolf, 55 Woodelf Ranger