Take a look at this. It may not be the latest, but I have yet to see a better one.
http://forum.bioware...=arcane warrior
As for spell points, it depends on what you want to do with the Arcane Warrior. Do you plan on getting the getting the full points into Arcane Warrior, or just selected abilities in the line. Do you want to use the Arcane Line of spells. What schools do you plan to focus on-creation, entropy-what?
One thing I will recommend is to put 4 points in Combat Training.
The guide's part good, part bad, part outdated. But the game's old enough now that there's very little point in anyone writing new guides. I agree with all magic, spell evaluations are hit and miss, disagree on a lot of the equipment. Shimmering shield will turn off when you run out of mana, that's outdated.
The main decision is whether you want to hit stuff with a weapon or cast spells. They're both pretty powerful, but in different ways.
A spellcaster can just take combat magic and use the passive to wear heavy/massive armour (notable: wade's superior heavy + evon's chestpiece still completes the set bonus, giving 21 armour for 3% fatigue with nice regen as well) while otherwise acting as a normal mage.
If you want to hit stuff, then sustain combat magic, shimmering shield, rock armour, (haste), flaming weapons, miasma and have at it. Your armour and resistances are so high that you're essentially invulnerable, the only issue is getting enough mana regen to sustain shimmering shield and/or haste. Also in keeping yourself awake as you very slowly beat stuff to death while having precisely 0 risk of dying. Other spells aren't that relevant as you won't have mana to cast them with all your sustains. Though you can pick up blood magic to cast from your hp pool. Get 4 in combat training as later points increase your attack and armour.
For your questions, if playing a caster, Walking Bomb (and its big bro, Virulent WB) are excellent spells to have. VWB is probably the best nuke in the game. 150+1.5*SP single target damage is fantastic, and pair it with some strong CC (paralysis explosion, cone of cold, blood wound, waking nightmare, earthquake... you get the picture) and it's also an amazing aoe. If there's clustered enemies, cone of cold -> VWB -> stonefist (shatter the bomb) can often kill them all. Contrary to the description, if you cast WB then VWB on the same target, you get 2 instances of VWB - that's 300+3*SP. If you cast WB again, then you get 3 instances of WB (another 300+3*SP damage). Contrary to the guide, armour doesn't help you (and even if it did, wouldn't do much against 250+ physical damage) so make sure no party members are near the bomb when it goes off.
Crushing prison is overrated. Its main flaw is that, as a single target nuke+disable, you'd want to cast it on bosses. Except it doesn't work on bosses. So you have to use it on trash for which it's overkill.
Entropic death IMO is vastly overrated. You spend 8 spells, of which 5 are garbage, for 200+2*SP damage. Wow. Compare to previous paragraph.
Mana Clash trivialises any and all enemy spellcasters. From a power perspective it's definitely worth the points. From a fun one... I'm a sucker for challenges so I usually don't get it.