At this point I think it's fair to say that I am obsessing over this choice. It's an interesting puzzle. Who should I pick?
If you're going to be an illusionist, go gnome. Do it along the lines of what Mistwell suggests, though you may consider Focused Specialist as well from the PHBII simply because Illusion is so flexible as to allow you to imitate magic from your banned schools.
If you insist upon taking Point Blank Shot as your feat, don't go human; it's a waste of a feat for a wizard who isn't an Arcane Trickster. Yes, there are ray spells, but +1 att / +1 damage on a ray isn't going to impress anyone. It's a good feat for an archer or a thrower, but they can fire 30-40 arrows per day without breaking a sweat. You'll have maybe 3 ray spells prepared on any given day, if you get to use them all.
If you want good utility metamagic for later levels, use the human bonus feat to pick up Extend Spell. You don't have a high Dex, so Improved Initiative won't go wrong for you here. Either Lightning Reflexes or Iron Will will shore up weaknesses. If your DM is a stickler for material components, Eschew Materials is a gimmie. Rapid Reload will allow you to move and shoot, though this is a rather weak feat as well.
If your wizardly concept leans towards a PrC, then use the bonus feat to get one of those pesky prereqs, even if it isn't totally helpful.
That's what's nice about humans: they're completely flexible and can adapt to any character concept. I suppose you need to figure out what that concept is first before you are able to take advantage of that.