Ixamyakxim: I do have a question about Precise Shot / Point Blank shot RE: Wizards. I grabbed Point Blank for my caster (I don't want all my ranged damage spells missing damnit!) but was unsure if it would come into play for arcane powers - it does - yay, I didn't waste a feat! Will my Wizard benefit from Precise Shot as well? Is she going to be getting a -4 penalty to ranged MAGIC attacks when firing into a crowd without it?
Ranged touch attack spells are considered "missile weapons" in every sense. Their advantage is that if they hit they don't allow saving throws. So you will want Precise Shot as well if you use them ONCE MELEE IS ENGAGED. If you are going to Grease your opponent (which allows a save, but ignores MR), then cast ray of frost while he's down, then you wouldn't need it.
Ixamyakxim: Also, for some reason I rolled 5 characters but only added 4 - I wanted to advance those 4 faster and drop in the 5th after a level or two - exercise in frustration? I THINK I can go to the Inn and just drop in my fighter - worth doing?
Yeah, early on a "tank" is good while all the pathetic missile wielders are trying to hit their targets. The tank can "fight defensively" which adds +4 to AC.
Ixamyakxim: And last question - Full Attack - is this only useful for someone with multiple weapons? Is there any reason to Full Attack with someone just wielding a single weapon - or is the standard Left Click on an enemy sufficient?
Only useful for multiple weapons, or later when your char's BAB is high enough to allow more than 1 attack per round.
Ixamyakxim: Oh and another one - is there a way to "escape" or withdraw from combat?
Sometimes. If everyone is far enough away from the enemy and they all choose leave combat option. But other times the game doesn't let you escape. I think it's still a bit buggy tbh. Just save game often, so if it does that you don't lose a lot of game time.