Well, if you want to try a lot of different spells out, then yes Alchemy can be nice, and I'd encourage it on a first run through. However, don't get it until you have started getting level 2 and 3 of different spells.
Higher magic is a really great skill, allowing you to seize control of the battle from the first turn. Concentration is somewhat useful, but probably less efficient for a lot of the early game than a single level in Transmute. If you are trying to 'farm' the spell casting medals, then concentration is better.
Distortion is generally the strongest school of magic, and Order is the weakest.
Don't neglect the other ability trees though. Use your might runes to trick out your dragon a bit, or get the 'cheap' intelligence bonus from the Paladin's scouting skill.
Good luck!
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