I notice that you say you haven't got the chance to run Wushu yet.  Don't take this the wrong way, since many people (like me) went through the same phase of mental disconnect at some time or another, but: You don't actually ever need 'more' points.  Any one Wushu character can be more powerful, less powerful, or exactly as powerful as any other Wushu character, no matter what 'point totals' they have. 

The classic example (for me) is Luke Skywalker in Star Wars (Farm Boy 1, Practiced Mechanic 3, Gifted Pilot 4, Intuitive Shot 5) and in Return of the Jedi (Friends Get Into Trouble 1, Level-Headed Talker 3, Hand-made Saber 4, Strong in the Force 5).  Both of them have, in system terms, identical "power," but they're worlds apart in the details of their narration, with one skating by on the skin of his teeth, and the other chopping fools up.  You can easily also imagine a character with only the traits (Megalomaniac 1, Shoots Lasers From His Eyes That Can Blow Up Anything 3), immensely powerful compared to either Luke, but who could not get conflicts to resolve his way.  So, to summarize, trait numbers accomplish almost nil in terms of making a character "feel" more or less powerful in play.  Note that this also answers to the issue of experience and advancement: Wushu characters may change, but they start out badasses and don't really need to get more-so, system-wise.

I just let everyone have a trait at five, a trait at four, a trait at three and a trait at one.  More traits than that will end up as superfluous, as four of them can pretty much cover any situation if you name them right and narrate semi-creatively.  As well, it gives a good mix of difficulties for different types of action for the character, which is what you really want to preserve.  If we know things can be exciting with 5-4-3 stats, and characters can be more or less powerful but still all have the same stats, there's no pressing need for those stats to ever differ.
 
Err.  The opinions expressed above are of Kicker, LLC, and not those of the WushuRPG mailing list.  Expect dissenting opinions.

Well, remember that Chi is less hit points in the sense of "I can get beaten up a lot, cuz I'm tough," and more in the sense of "I can accept THIS much opposition from the system before I lose the ability to determine my own fate."  Since character's aren't necessarily hurt or even hit when they lose it in a fight, Chi only effects narration when it runs out completely and something directs Yang towards the character.  In which case that thing can decide what happens to him (killed, KOed, captured, discredited, distracted by other circumstance, just not mentioned until the end of the fight, etc).  

On the Wiki, people have noted a couple of possibilities for what Chi can best be said to represent, and what alternate uses that implies.  Commonly agreed: Since it is something like narrative force, the two are exchangeable in trade.  So the GM might say, "I want you all to get beaten up here and thrown into prison, because it'll be cooler later.  I'll give X chi to anyone who agrees."  Control over your character in the 'Beaten Up And Jailed' arena is sacrificed for a blood-payment of chi.  The inverse would be acceptable effects that players could spend Chi on.  Note that they'd have to be something that couldn't just be narrated, which narrows the possibilities considerably; Narration can make anything exist or happen that the GM allows it to!

Please, do not take from my quibbles that I think this is anything less than spiff!  It's nicer work than I really ever expected to see for the game dearest to my heart!  Well done!  A worthy premier!

- Kicker