Here are my opinions:
Alchemy is a good skill but one point is probably enough unless you're always running out of ways to get life and mana back. You can get another point in it later in the game as a reward, too.
Lockpick is a great skill. At first I hated to put points in it because I thought there would always be a key or lever to wherever I needed to go. Two or three points is good, plus you can learn it later in the game as a reward, also. There's one special quest that requires level 4 or 5 (the treasure maps) and I was mad because I only had level three and couldn't get the last map.
I suggest you stick to swords. The swords get better and better in the game and it's good to have a shield instead of a big two handed hammer. Try completing the Holy weapons quest later in the game and you will get the best sword in the game (in my opinion) if you choose it.
All I can add about weapon name colors is that the golden yellow ones are items that can be charmed. But I guess that's obvious. =)
