Does he pick the attributes to boost at third level and never change them?

It's kind of sad at level 1, when you can't use anything but your unarmed strike which you never want to use past level 1 or those dragon soulmelds which are tricky to get access to.

The soul bind isn't particularly helpful unless you take Shape Soulmeld for an Incarnate soulmeld, as the only soul bind Totemists have is the Threefold Mask. It's a really nice effect though.

Good Will + Slippery Mind is pretty nice, but he doesn't get a cloak/vest of resistance so... but until level 17 he can be buffed by a party member with Arcane Mastery and Spell Penetration which is two feats you might not want otherwise so I'm not worried about it.

Overall... magic items are really good. Soulmelds give you some flexibility to make up for it. I'm curious to see how this plays in a game.