Remember at
lvl 47 Firebolt will out damage
Magic Blast (815-941 FB8, 427-533 MB1), so that's when most players crank up the damage output at lvl 8. You a long ways off, but keep that in mind.
Only increase
Mind Drain's duration if you PvP. Other than that, leave it as it is.
Frost Nova is great on max cooldown. It charges a lot faster than I thought, and usually it's ready again after I run through all my spells in an attack. Monsters will love you.
Ice Bolt and Lightning Bolt can stay at level 1. They are garbage at most, but good to flick at enemies when your good spells are in cooldown. By the time you get Ice Blast and Lightning Blast (in the 50's), you'll forget about these spells almost completely.
Do not empower damage on Magic Burst (gained at 20), unless you have money to reset the points after 60 (when you get Frost Nova). I had damage and cooldown empowered on it for AOE purposes before 60, but that was my preference. If you don't have the money (SparkCash) then I don't recommend it.
Learn to cast Ice Bolt or Ice Blast first for their slow down effects. It can buy you some time while you spit spells at enemies.
And learn to cast Lightning Bolt or Lightning Blast while running. It creates a bit of a gap between you and your enemies, and it keeps you out of harm's way. Combined with Ice Bolt/Ice Blast, it can save you some stones and a fair amount of damage when monsters/players try to rush you.
Personally I think the max cooldown on Magic Missile is only good until you get Magic Blast at
lvl 49. Magic Missile lvl 1 and Magic Blast have excellent cooldowns already, and after you obtain both, you can alternate between the two and Magic Burst as well, and throw in Fire Bolt lvl 8 and Fire Ball (gained at lvl 53) for kicks, plus Ice Bolt/Blast, Lightning Bolt/Blast, and Nova and Inferno. That way you'll always have a spell to use when something else is in cooldown. That's just how I play, and I haven't died....much.
I also think that enhancing staves/wands doesn't really become a huge factor until 50+, and personally I'm not enhancing armor until 70+, because the leveling is fairly quick up to that point if you are a dedicated player. Save your loot for those T3/T4 stones!
As far as empowerments, I currently have max damage on Fire Bolt, Fire Ball, and Magic Blast. Frost Nova is the only spell with max cooldown on it. Magic Missile is still lvl 1 (buying higher spells is a waste), And Lightning Bolt is at lvl 1 too (higher damage is not really significant for this spell, and it saves SP). Ice Blast and Lightning Blast are not empowered, but I buy the next level of the spells when they become available. Magic Burst has been reset, so no empowerments.
Chain Casting takes forever regardless, so I didn't dump points into the cooldown. Drain Mind I increased the duration for PvP.