Let me just start off and say this: I LOVE the pin system. I think it's a very elegant way to allow wizards to select any school as their second. However, there is one issue: rings and athames currently don't have a similar system, meaning that if I wish to use any school but Storm as a Death wizard, I either lose 30 damage or I have to go back to Darkmoor and use gear from 60 levels ago.
Proposal: Give rings and athames universal damage boost. Now they work for any school combination strategy.
The suggestion I would make is to make all gear from now on have universal damage, critical, accuracy, pierce and just add a little extra to each stat for each school. With the development of school pips that you can play any school, it seems blindingly obvious that universal stats are the way to go. Really no need for a pin system.