regen only works out of combat, that's why it's a problem
I'm L26 and have a number of regen bonuses (Morokei, Arch-Mage robes, ring that gives me 60%) and now my magicka replenishes almost as fast as I can use it.
More generally, I use the Arch-Mage robes and then some light armor boots and gauntlets, not out of dedication to any playstyle but just because they seem my best alternatives. Works out just fine, even if I do have some guy with an axe killing me with one shot every now and then. Oh, and I rarely remember to cast any of the Alteration protection spells, much less invest any perks in it.