People say he's based on a Nord, so go Nord you think?
Not based on, but inspired by Odin of Norse mythology.
Also, Tolkien took the name Gandalf from the name of a dvergr/dwarf in the V?luspá.
It means "wand elf" (dvergr/dwarf was another name for svartálfr/dark elf).
Also, I'd pick Nord just to get him tall enough to look like he did in the movies, even though Gandalf wasn't particularly tall in the books.