I've done it either way on various wizard lives. The main drawback for the min str wizard is that you have to stay lightly loaded for full movement speed. There is no visual indication of this, without actually looking at your inventory sheet, or noticing that you are running slower than normal.
As long as you're planning to always have a max str item on for your level, and you have access to at least +2 tomes, you will be fine that way, generally. But you will need to make a habit of checking to make sure you are still lightly loaded after looting chests with armor in them.