If you use the Meditation skill while the EVs are fighting (Actually use it, not just passively), you'll go into a trance and regen mana very fast and should be back to full before the EVs die. Just make sure you only use Leather armour because anything heavier will negate the meditation
Only Mana regen affects how quickly you regen. LRC and LMC only affect regs and mana cost.

GM Magery does not guarantee no fizzles, especially with 8th circle spells. I think I read somewhere that you need 119 skill to never fizzle, even on 8th circle.
As far as I know, real skill doesn't mean anything; most things are calculated on your current skill. That's why rings and bonuses are good.

As for your last question, I think when your account is 1 year old, you get 5 extra points added to your maximum skill allowance. What I mean is, you can get 705 total points now instead of 700. And you get 5 more for every year your account is active up to 720.

You can get powerscrolls for skills and stats to boost them over the maximum too. For instance, I'd suggest you find a 115 or 120 Magery scroll so you can get to a skill level where you'd never fizzle.