The character should be level 250. This provides you with the levels necessary to acquire the minimum skills. All-cloth makes a Wizard easier to kill but faster. Wristbands Cloth or Myth Leggings Boots of Nimble or Myth Sollerets. There are mixed views on using a shield.
Shields add weight, but provide some protection against critical strikes.
Adventurers, Elf Warriors, and Giant Wizards might want to ditch the Plate of Invulnerability and wear Myth Plate to lower their encumberance and increase their speed. So, if you put on a Ring of Endurance last and in combat you equip your Ring of Intelligence, you will be taking off your Ring of Endurance. Rings, Amulets and Baldric being worn cannot be Incinerated. Items carried can be. Also, Items in your backpack can be incinerated.