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Hmmm...my initial reaction is no but I will definitely try to test this when I get a campaign going.
EDIT: On second thought, this would probably open too many cans of worms with other similar spells...
I thought wizard HP was increased to give him more survivability. If you up damage to match the upped HP, then don't you just negate the original reason for the change?
Plus.. Magic Missile is already a slightly overpowered spell for it's level for the sake of D&D sacred cow. It's not really imbalanced right now, but upping damage makes this over the top.
Long Version: Magic missle is a great spell, theres a reason almost every mage takes it, and every sorc, and every bard with UMD tries to find a wand of it. Its just flat out good. Damage that shears through both DR and energy resistance, automatically hits, hits incorporeal targets, ignores concealment and anything less than full cover, and although it seems to scale poorly on the surface, the fact that it does all the previous things means it scales incredibly well. A 10th level caster can devote a level 1 spell slot to a guaranteed, 200ft range, 10-25 damage hit. No other level 1 spells can do that.
Short Version: Magic Missle rocks socks, and needs no changes.