I'm biased towards light and Life, because both are far more supportive in nature, rather than offensive, which suits my saurus heavy army very well.
Light especially seems really good against elves, because you effectiely render the initiative pointless if you get it off against elves. you suddenly strike at the same time, and take away their rerolls. As a nifty bonus, you cause additional hits against demons and undead, which is always nice. The net also works wonders against the low S elves, and since elves and deamons all have tons of ward saves, Banishment also works fairly well.
Death is always a favorite, though, in terms of character sniping, and especially with daemmons, who have some really expensive characters in their princes, you can easily win hundreds of points with a single lucky Spirit Leech.
You could consider Wandering Deliberations though. It is a pretty nifty thing to have, and gives you a ton of cheap spells, which makes miscasts rare, and dispel scrolls mostly useless, as you don't really have any expensive and powerful spells to dispel in the first place.