The number of cards provides a natural limit to the amount of magic in the game. If a deck runs out before all wizards have received their cards then hard luck! Of course, this doesn't stop wizards using the Magic Cards and Magic Items, so a wizard without spells is not useless by any means.
If you're going to play a game with lots of wizards then the chances of running out of cards are much greater and players may avoid this by agreeing to change the Colleges of some human wizards. This is entirely up to you.
Should two Undead armies be fighting each other the Dark Magic deck will quickly become exhausted. In itself this is not a problem as these wizards can also use other decks. However, the first player to draw Dark Magic cards would inevitably take all the Necromancy spells which would pose a problem as it makes it virtually impossible for the other player to win.
To compensate for this, when Undead Wizards are fighting on both sides, they may exchange Dark Magic spells only once. This simply means they exchange Dark Magic cards on the same basis as other wizards, and cannot keep exchanging until they receive a Necromancy card. Bear in mind a game need not be between two Undead armies for this situation to arise, as Undead can fight as allies in many armies.