Bard/Sorcerer sounds like an interesting build, but like my Oracle/Sorcerer you limit your upward mobility if you continue.
You get more lower level spell slots but you don't get much blast from the higher level ones.
I had to take oracle in the game I'm in, I plan on re-training it out when given the chance, even though being able to cast a ranged cure spell that doesn't provoke Attacks of Opportunity has been interesting. As I could merge a cure spell with a buff like Bull Strength and avoid AoO also. ( Oracle: Life Mystery: Safe Curing(Su))
I've been converting my few 0lv spells I know as an Oracle and learning them again as a Sorcerer, so I don't lose them when I re-train.
But words are kept separate just like your spell slots are. A DM would need to call the choice though, which might be easier if you were the only arcane caster in the group.