I'd make it more of a monk 13/Dreadmaster 17. You get the spells and you get +2 to AC. You also get a few nice benefits, like magic resistance and diamond body.
Improved Initiative is a broken feat, does nothing to non-spellcasters. Only spellcasters cast spells a bit faster with it.
A monk at 20th level will become untouchable weapons for it's Damage Resistance and AC, untouchable by magic for it's Magic Resistance and saves and will kill anything with a touch. Pureclass monks are IMHO better than multi if you're going for more than the WIS-to-AC bonus.
If you're willing, download the WeiDu Ease of Use mod to add DEX to attack rolls, instead of STR, and a couple of other nice benefits.
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