Seems like a reasonable way to make characters that are a little more powerful and/or a little more well-rounded.
Personally, I'd allow the magical skills, unless you're going for a low-magic feeling overall. If a fighter chooses to develop something, it's not as if one level worth of points are going to make them massively powerful archmages (at best, they get, what, 5 levels of an open list?), and a spell using character will soon have any bonus ranks overshadowed by their regular progression.
Can't see how it could possibly be unbalanced, since all PCs are using the same rules. Obviously, they'll all be a little tougher early on, but I can't see it causing any problems, especially given how mediocre 1st level characters tend to be (I can't really visualise a 1st level RM character as anything other than someone in very early adolescence).