To be completely honest, the class in 3.5 tabletop is hot garbage unless you're using some pretty cheesy builds like the Rainbow Warsnake. The reason for the change to Int x Spell level is because without it, the edge is absolutely meaningless when there's no stat boosting gear. Oh great, I took 20 levels of warmage instead of wizard and the tradeoff for my INCREDIBLY limited skillset is an extra 8 points of damage on my spells? Yippee. Good thing this baddie only has several hundred hit points.
Also, the damage on edge is limited by the maximum damage of the spell itself (plus 1x your int), so although it's damage tends to be on the higher end of the dice rolls, it's not exceeding the max cap by an excessive amount. Warmage edge is fantastic with the changes, and makes the class an attractive choice.
Do warmages need 3/4 BAB? In my opinion, no. Invest in Dexterity if you want to hit those orbs. True strike is a free cast when using chains of the red warmage (And if you're a warmage, why WOULDN'T you use chains of the red warmage?). Hell, if you're using Red Warmage Chains, you can cast true strike and actually FIRE OFF TWO ORBS before it expires. I mean. It's a really tight window, but it's possible. It's the same reason monks in vanilla dip wizard. One round of true strike turns your flurry of misses into a flurry of slap them buggers up.
Do we need feats to improve touch attacks? I mean, I don't think we do. I suppose we could throw in Weapon Focus (Touch Attack) and Weapon Focus (Ray/Ranged Touch), those actually exist in 3e/3.5. Of course, I might be overruled on that. Also, making it so that only a 1st level character could take it is probably a bad idea.
All in all, Warmage is in a really solid place right now. It's a high risk, high reward class. You're a glass cannon, sure. Running into Melee is probably not a good idea, double sure. But if you do your research IG to learn enemy's elemental weaknesses (or if you're super adventurous, you can do some test runs), you can really bring the pain and turn a difficult encounter into an easy one. But most classes can do that. People do troll runs all the time where they gather all the trolls in one spot and trivialize them with a collection of basic spells. Preparation is the key to success in PotM, and limitations breeds creativity. When it comes to spellcasting, there are fewer classes more limited than the Warmage (and the beguiler), so most Warmages know how to get the most mileage out of their spells because they've been working with a very narrow framework for most of their careers.
In closing, I like my warmages the way they are, dagnabbit.