Question:
 

My question is what is a good spell that costs less than 5 grace points that I could use to level up my wisdom levels so that I could use like flaming aura and level up my wisdom quickly then?

i would start with cause light wounds, but weaken them first with a spell like poison cloud or something, get them to low hp and finish them off with the spell...

work on large exp enemies like skeletons/wolves/trexs

get to whatever level you need for flaming aura..
btw what level does balor give it to you at?