[Loopy]

Morale isn't THAT important. It's usually only about +1-2 att/def and +2% crit rate per level. It only boosts off of base stats, and for level 4/5 stacks often the boost doesn't even matter because you are already more than 60 above your enemies before the morale boost. All that really matters is keeping your morale out of the negatives, which hurts you a lot more than positive morale helps.

Sense Weakness, Power of Spirit, and lvl 1 Edda are the only Mind skills I would consider must have. Persuasion if you want to combine races that hate each other, because morale penalties HURT.

IMO, go for a mage-oriented Skald. I say this because mage spells are army-enhancers, and Skald has the army. Might is rage focused for the most part. Rage is nice, but it doesn't synergize with your large army. Also, other than Wisdom/Meditation mage spells require a lot of Might/Mind runes, so your Skald's good spread of runes works to your advantage. Plus, even with no rage abilities at all you'll still get to use rage skills fairly often, with no mage abilities you'll have practically no spells to use.

Which magic school to focus on will probably depend heavily on what spells you find. Distortion is the best early on if you can find stuff like Stone Skin/Magic Spring/Berserker/Target/Phantom. Much later in the game if you can reach Creation you'll be the most badass thing imaginable.