Thanks for the replies.
I started getting +1 items when I hit L3 Wiz / L4 PM. At L3 Wiz / L6 PM I started getting really useful items like scabbard of blessing's and belt of inertial barriers.
Rods of the Ghost have saved me several times.
I'm on my third attempt to play a Wiz 3 / PM 1-10. The first was a human necromancer. The feats you automatically gained at L1, ie necromancy spell focus and greater spell focus were useless. The second was a Dwarf wizard. This proved a better choice as tougher, and the charisma penalty fits with the class imo. Hitting power was still poor.
My third attempt is going pretty well to date. I'm using an Elven wizard, an illusionist but without spell focus in illusion. Up to level 3 I played as a pure wizard, but once PM levels kicked in, I played more as a rogue. It works quite well, especially since cloaks of elvenkind pop up quite often early in the game, with hide and move silient being class skills. I take a Pixie familiar for OL and DT abilities, and both knock and find trap spells are not level dependent for effect. Sneaking up on someone to paralyse them often works, but before L6 PM, I was doing the same thing with a combust spell.. In the OC you are also able to upgrade a rapier and a longsword against targets you can critical, and non critical respectively. With magic weapon, flame blade and bulls strength spells running, each hit, if you can hit, is pretty destructive, so my first two feats were power attack and cleave to help make up for a lack of attacks. Since resting is not restricted, I will often attempt several strength spells to get a high score. This is necessary to survive.
I learnt to live with the potential loss of experience when summoning/animating undead. Once I found any area with a foe to attack, I'll retreat, use the ability, and sneak back in. I'll wait for the summoned creature to die, or if it is on the verge of killing the enemy, unsummon it, and kill it yourself.
I'm still in part one at the moment, the Blacklake district, and the lack of spells I can purchase is crippling.
Two features I believe could be added to the PM without making the class uber. The first is that the PM automatically learns all necromancer spells up to the level it can cast. The second is that PM caster levels count towards effects of Necro spells. At present I cast negative energy burst as a L3 wizard, which is both pathetic in effect, and also means I don't take that spell which feels wrong.