Levels > all.
Besides a few quests or gear items you may want that other races cannot use (Natures Defender for example or Dwarf/Human for Dain's Frostreaver) for a pally it's a toss-up. Even for SK's if you go with a Dark Elf over an Ogre or Iksar it won't make a notable difference with your ability to do end-game content.
Sage is right. Having mana for group heals might be the main reason for wisdom. Otherwise it's about mana regen and using down-ranked spells for aggro. Flash of Light is cheap as hell as is the lvl 30 stun. Once the Deepwater helm works you have a free 120'ish hp heal for a 10 second cast so soloing hard stuff is more a matter of patience than race.
I went Erudite for fashionquest and put my points into Strength figuring I would never raid or prob hit lvl 60. With Deepwater armor and some cheap EC items I'm at about 120 str with a 2hander or 140 with the Shield of Stalwart Seas. Without those points I'd be overweight pretty much non-stop. Even with Yelp, that's an annoying way to play. Carrying a few charisma items is also handy for lulling.
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