Don't see the point in nerfing wood further. It's already half the planks and 4 times less torches, going beyond that reaches the realms of pointless grinding.
Well, to be honest once you reach iron you gain the option to chop logs into single planks, steel gives you two planks and finally working in IC2 enough gives you the ability to get 4 planks from them. I understand how it may be a concern though. I'll do a world soon and tell you how much time and wood it takes to reach the first tool.