Wow! It seems like if you could commit another 100 or so points you could have good offensive and defensive magic.
Your Phoenix Guard would be a great place to hide the Banner of Sorcery. You could drop a mage, and reconfigure with a
Lvl 4 with Silver Wand and Ring of Fury, and a
Lvl 2 with Seerstaff. You'd still have room to put in 3 dispel scrolls (or 5 if you'd rather, instead of Ring of Fury).
That's a lot of magic defense, and offense, for about the same points! Also, sorry for resurrecting this, but I didn't see it before

I'm starting high elves and have been looking at the magic configurations a lot.
If you reconfigure in this way, you could pick whatever offensive magic you like to try to hurt your specific opponent the most with. With either configuration, I don't think you'll need drain magic (unless up against a Really magic-heavy army!)
What lore were you thinking of going with (or different for each?)?