Arcane warrior is not a jack of all trades.
Arcane warrior is a genuine tank-mage build, and anyone who has memories of running around in NWN with reckless abandon cutting a swath of death and destruction wherever they went would be wise to run through with an arcane warrior/blood mage build.
You'll enjoy the trip!
However, I recommend if you decide to go this route, to do it on nightmare, and eventually start running solo once you get to a comfortable point.
As far as starting out, I took a mage playstyle (for the most part) until lvl 14.
I spec'd my char to be able to cast storm of the century and forcefield asap.
Then, I focused on the abilities I would need to run with melee combat. At end game, when in melee mode, I keep up the following: Rock Armor, Shimmering Shield, Miasma, Combat Magic, Arcane Shield, plus one of the weapon enchants. Of those, Miasma will drop after combat, but I have never had a problem with any of the others gong off because of lack of power. Spell Might, on the otherhand, will drop if out of power, and that does indeed get super annoying. I only have blood magic up if I am going to cast. Otherwise, it is not worth having it up just to have up as you get little benefit from health pots if you need them.
I currently do not wear heavy armor, and I still can keep a defense of 87 and an armor rating of 53 up full time. I still have 80% fatigue, so if you feel the need to cast spells, blood magic comes in hand. With gear that grants you health regen during combat, you will find you end most battles with full health if you don't cast spells.
*The easiest way to think of blood magic is to think of it as a second mana pool (your health). When you run out of the blue, you can switch to the red! I hardly ever use blood magic, but it is there just in case I feel like fooling around.
On nightmare difficulty:
*This build can withstand a crushing prison while being zerged by mobs without a problem.
*You will resist most knockdowns, overwhelms, and other physical attacks.
*You will still get hit by cone of cold, but you have a chance to resist it
*You can survive a Storm of the Century of your own making without using forcefield. With a mana pot or 2, you can even cast it with all of your enchants up!
*A combined dex of 30 is fine to run though the game. This means you only have to invest a few points into dex after item increases and the fade increases.
*Once you get Wynne, you can add haste to her line, then park her at the beginning of an area with haste up, as you will get the benefit (assuming you go through everything else solo). This will save you 4 spell slots you can spend elsewhere. You can do the same for any of the weapon enchants. (For all of you NWN monk - dragon disiple junkies out there, this was the final enchant that made it all click!)
*Invest in health regen in combat gear, and you probably won't ever end a fight (except bosses) with less than 90% health.
*Templars are a bane of this build, as they can strip all of your enchantments. However, Storm of the Century is the bane of Templars everywhere, so don't be afraid to switch out strats.
*I used forcefield and storm of the century almost exclusively until I felt comfortable running in to melee entire groups. Cone of cold made the early game much easier as well. This will all depend on your level of comfort with the game, and how much of it you choose to solo. There are, obviously, other ways to do things.
As far as stats:
Points in magic = melee damage, so the higher the better. If you think you will want to dual wield, you will eventually want at least 30 in dex (with items) so you will need a few points in dex, as the high level daggers require 30 dex to use. But your points should be dedicated to magic early on, and later magic and constitution.
If you absolutely must have more gold, then don't forget about the little cheat in Lothering. You can turn in traps to Allison as much as you want for 50s + exp (the tavern vendor sells unlimited trap triggers). It is possible to level to 25 in lothering in this way. Just remember that once you complete one of the major plot points, lothering is destroyed.
Anyway, that's just some info on my experience on a play through with this build. Hope it helps someone.