Ya know, despite the advice Ive been given I think that I am going to go with the Apprentice. BTW, couldnt I still get 100% absorbtion it would just take more enchants? or perhaps get some elemental enchants to cancel out weaknesses. Then Id have all the absorbtion plus recharbale magicka. :drool:
I say go for it. I'm playing an Altmer Apprentice right now; this character further breaks the "rules" by majoring in Alchemy. We're at level 14 now, with Alchemy and Conjuration up to Expert, and Illusion araound 60. Intelligence is over 80, and Willpower in the mid 70s. The key to playing this kind of handicapped character is to use Command and Summon spells instead of engaging enemies directly. Weakness to magicka is no problem if all the spells are bouncing off a summoned daedra!

I'm finding that this character has sufficient magicka to keep a high-level summons going constantly, maintaining chameleon or invisibility the whole while, and still firing off frequent "pot-shots" at the enemy. I simply don't have to worry about magicka, unless I get into a rapid-fire shootout with another mage, the exact thing you don't want to do with this kind of build.