Yeah, I think it's great. I'm just worried a grumpy DM (the kind who doesn't give treasure and gripes about feats that help rather than hinder PCs; you know the type I mean) will say "no, you have to take it separately for every racial power you want to alter".
The build I'm going for is a Genasi Elemental Tempest wizard. The idea being loads of racial powers; or, as was mentioned, also the Paragon powers.
build-wise I may simply go Constitution for the Staff of Defence. Save my feats for something else, like the Batman build or something. Arguably, it's not the most efficient wizard build, as close burst powers... well, they're a good backup, but let's face it: I don't want Orcus getting that near Emral!
I might design a Paragon Path for wizardly Genasi, one that's similar in granting multiple elemental manifestations (personalities) but the attack and utility powers are slight different.
Off topic: Sorcerer/Wild Mage looks perfect for a Genasi, but the stat choices aren't there (Str rather than Cha); like, the chaos/elemental side of them. Reminds me of how Tieflings can't pull off a Hellboy build as they don't have that STR/Con bonus; well they could, but it's nothing to call home about.