The only time you would concievably actually use your Familiar for combat purposes is in Irenicus's dungeon, or similar low-risk areas. Seriously, a single Critical Hit can instakill a Familiar sometimes, so for all intents and purposes, the only reason to cast the spell is for the extra hitpoints: Your Familiar will never leave your backpack again.
Mordy's Sword is a random drop, keep killing things and you'll find one eventually. Wail of the Banshee can only be obtained in Chapter 6, someplace in Athkatla where you have already been.
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Volothamp's Comeuppance
Everything you ever needed to know about the entire Baldur's Gate series......except spoilers.
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