For wizards the mana regen time is definitely the downside of the grouping. Having an
Solist's Icy Wand might help some. Learning to ghetto-park mobs will make you more valuable too, especially if there is no other crowd control in group.
You will do better exp-wise quad kiting. Its solo... but it can be exciting because you are often just a server blip or running into a tree from getting mauled. But if you have the right spot you can make pretty steady experience and sometimes okay cash.
If possible try to do some of both grouping and solo. It can be frustrating being LFG a long time though.