Yes, it is ok to give improved precise shot to everyone at level 1, why not.
Wizards could actually miss at low levels because of cover :( Unless you take Additional Traits at level one.
because their comparison, Arcane Thesis, is sitting over in 3.5, being far more awesome, and probably intentionally not getting ported to Pathfinder. My apologies for not being more clear, I meant that as a response to the above poster's argument that you should only be allowed to take Additional Traits if you role-play some change in background over the course of their adventuring life. So, only longbows and Daikyu (eastern version of longbow) are allowed.
Arcane Thesis reduces the added level of each metamagic effect by one. While Improved Precise Shot is strictly better Deadeye is in almost as good with significantly less requirements. Only prerequisite is to worship a misogynist deity vs 2 feats and BAB 11 2. - Only if he has another creature providing soft cover.
I can now make my battle shaman without being an elf. Though, once in awhile I'm sure a "worthless" trait, feat, class, race, etc could be usable with the right build.
It's part of the challenge of building a character. Fate's Favored increases all luck bonuses by 1, and Sacred Tattoo gives a 1 luck bonus to all saves, so that's increased to 2. Intensified Empowered Maximized Dazing Fireball of the element of your choice? Oh, and then you get the 2 caster level on top of that.
I would define average feats as the saving throw feats, Dodge, perhaps Cleave, and Spell Focus for someone who isn't super-specializing (not usually great for Clerics for instance). Fate's Favored increases all luck bonuses by 1, and Sacred Tattoo gives a 1 luck bonus to all saves, so that's increased to 2.
Halfling Luck, despite its name, is a racial bonus and not a luck bonus, so it doesn't apply.
Magical Knack, mostly because there isn't a feat that does something like it.
Affiable is a special case, but nearly as good as Cosmopolitan.