If I take the "School Understanding" Exploit can I choose the Universalist school? I don't see why not
Yes, you can. I don't see the appeal though!
This works fine. Universalist is indeed a school a wizard could pick, so it's a valid choice for this exploit.
Note that for the Hand of the Apprentice ability you gain, you use your Charisma for the attack roll instead of Strength or Intelligence. Additionally, there is no benefit to you spending an arcane point to expand your understanding, as there are no level dependant factors and no other first level ability.
Okay, thank you all. I do realize the Charisma thing(Current character has a Chr 15, Str 15).
As for the attraction, I just like the ability.