Are you allowed to be a double caster with this? If so being a Cleric with Sorcerer spells -2 would be plenty powerful just off the hop. If your DM is sane and only gives out the bonus spells to non-casters then i would go with a Warblade from ToB and grab Cleric for extra buffing (in full plate).
Yep, casters also get the bonus casting. Which'll be interesting, since I've only used the sorcerer/wizard spell list once before.
Honestly though it sounds like your DM is being quite generous, I would feel kind of cheap coming to the table with a fully munchkinized character when he's already giving you free XP for LA buy-off and spellcasting.
I'm looking for "can square off against a dragon." The full munchkin treatment, with Complete Divine and such, is the other forum, right?
I'd pick bard; bard list + sorc spells known/per day seems really cool.
I'd just automatically gone for the Sorcerer list... When you praise the bard spells, you're thinking of ones from the books I actually have access to, I presume, but... Bless me if I know where to start. What would a tenth-level sorcerer working off the bard list look like? I mean, they do get Irresistible Dance two levels early, but the Druid list gets access to that spell at sixth level, too, and it comes with a pixie attached. Of course, this isn't the first time I've completely missed something.
Casting in light armor with that - yes/no?
Nope. All of the casting rules are like a sorcerer (including spontaneity and metamagic delay) except for the base stat. One of the reasons why I'm probably going Monk's Belt instead of armor.