I started out as a noble (L1) and poured everything into the magic skill until it was about 27.
It was awesome for a bit because I could kill the metal skelatons in 2 hits in the storm place and rack up even more souls which i poured further into magic.
Then I ran into a snag. I was leaping off the cliffs in the storm place after killing the skeletons (soul mining), but caused the world tendancy to shift all the way to black. THis caused a red demon version of the Japanese dude to spawn at the very beginning of the storm place. He is basically immune to magic, proceeded to serve me my head on a stick, and put a serious damper on my soul mining.
The moral of the story is pour all your points into magic (nothing else) until about level 24. Then start putting some into vitality and strength (go to str 12) to round off your character a bit.