Hardhead
Explorer
I don't really think it is overpowering in and of itself. I think it is a definite power boost especially when you start looking at more exotic armor twinks (something I do not excel in nor try to excel at). However, I think that this house rule will encourage wizards and sorcerers to multi-class into fighter types too often. The benefits of starting as a fighter and then multiclassing into wizard after one level are just too great: weapons, armor, shield, bonus feat, higher HP, equal (albeit different) skills, and now no ASF (resulting in higher AC) at the cost of one caster level.
Actually, it's a +8 bonus net. You don't get the Mage Armor anymore, sure, but with a level of Fighter, you get heavy armor prof and tower shield prof. Sure, it gives you a -2 to attack, but that's not a big deal to wizards. And at mid levels, you can definitly enchant them for at least +2 more apiece. That's a +16 AC bonus from just armor and shield bonuses. Waaaay higher than what a wizard is used to.
Sure, your movement is only 20', but don't forget that wizarding staple spell, Fly.
OTOH, if I were a wizard with these rules, I'd probably go with a level of Cleric. Two good saves, two possibly very nice domain abilites, and cleric spell-trigger items are not usable to you.