Well, the problem with converting PHB classes to spell point systems is complex. There are many variables.
What follows is basically me thinking outloud. (well, typing it)
First off, caster level based effects on spells pretty much have to go. You can see this in Psionics, where the only manifester level based effects are duration, and amount of weight with teleport and telekinisis type spells. Spending extra spell points to increase caster level doesn't work too well: not all spells have the same level based variables. The system breaks down when you have similiar spells of different levels. Fireball and cone of cold are good examples. In your system, a 10d6 fireball costs 3+10, and a 10d6 cone of cold is 5+10, costing 2 points for basically what amounts to a 2 higher save DC, which isn't worth it. But the problem with this is that it invalidates the basis for how the spell system works. For example. If magic missle is not increased by caster level, it is a worthless spell for the most part. My suggestion? Steal from Monte Cook!
Give up on spell points, they are neigh impossible to fix. Keep most everything how it is, but instead of fire and forget preparing for the preparing types, they prepare the spells they can cast that day, and then they cast like a sorcerer with those spells. If you give the sorcerer a slightly larger spells known list, and keep the spells per day the same for all people involved, I think it would work out.
If spell points are your heart's desire, then the main part of balancing spell points is that you have to consider exactly how many of what level spells a caster is expected to use per day. So you take what he needs to defeat equal CR with his 3 mates, and times that by 4, since each equal CR encounter is supposed to take 1/4 of his power. (it's 1/5 according to the DMG, but 1/4 makes better math). Lets take a gander at the level 16 wizard with this in mind
It looks like he's supposed to use 1/2 an 8th level spell, 3/4 a 7th and a 6th, and 1 5th, 4th, 3rd, 2nd, and 1st.
that gives him 7 spells per encounter. Using the power point system of psionic handbook, that's 50.5 power points. He's assumed to cast 2 spells above level 5. That's 25.5 of his power points. I saw a poll in the general forum that said the average dnd battle was about 4-6 rounds. Assuming one spell a round.. (no haste

) for 5 rounds, thats 25.5 for the first 2 rounds(level 6+ spells), + 9 +7 +5= 46.5 for one combat. Therefore, using the standard psionic power points per spell, and the wizards expected power expendature per battle, he should have 186 power points at level 16. Thats more than a level 20 Psion gets. And all these calculations have been done without bonus spells or power points. If the wizard were to cast only 8th level spells, he could cast 3 per battle, given this amount of power points. So, if we use the power point system from the Psionics, then 3 8th level spells must be equal to approximatly 2 above 6th, a 5th, a 4th, and a 3rd.
If we consider it in pure mass damage (easy to think about, numerical effects) then 3*16d8 (horrid wilting) = 1/2*16d8 + 3/4*14d8 (delayed blast fireball) +3/4*12d6 (chain lighting) + 10d6 (cone of cold) + 8d6(i don't know a good 4th level damager, but here it is) +6d6 (everyone's favorite, fireball)
We'll lable the all level 8s guy as A, and the classical spell list guy as B and assume that the first spell B casts is his best spell he's going to use.
1st round
A= 16d8 = 72
B= 1/2*16d8 + 1/2*14d8= 67.5
2nd round
A= 16d8 = 72, Atotal = 144
B= 1/4*14d8 + 3/4*12d8 =56.25, Btotal = 123.75
3rd round
A= 16d8 = 72, Atotal = 216
B= 10d6 = 35, Btotal = 158.75
4th round
A= 0, Atotal = 216
B = 8d6 = 28, Btotal = 186.75
5th round
A=0, Atotal =216
B=6d6=21, Btotal = 207.75
So you see the problem, the new caster simply out preforms the old one, and the old one was more or less balanced.
A solution, to keep the damage more or less equal, is to reduce the overall power points by more or less a third. We set our new caster so he could afford only 2 8th level spells and a 5th level per battle. Then on round three he'd still have a slight advantage 179 to 158.75, but the 4th and 5th rounds prove the old caster to have more staying power.
This means the new caster needs 39 points per battle, so we multiply by 4 and we get our magic number at 116. Guess what? The psion gets 115! Wizards thinks like me perhaps?
Now the problem with psions is that, since thier powers don't scale with level substantially, the lower level ones SUCK. Magic missile remains useful as a fall back spell forever. Fireball is always good as well. but Whitefire at 5d4 would be cast only to clear rabble. Afterall, burning hands does that much damage!
But letting spells scale with level with a power point system breaks it, because spells such as fireball and magic missle are better or as good as some of the higher level spells that have similiar effects, such as cone of cold and melfs acid arrow. So you get the problem where Fireball is cheaper than a spell that it's just as good as.
Anyways, I'll give it some more thought. Perhaps a better construction of metamagics we can make lower level powers retain use for psions.
Eldorian Antar