The grammar and forms don't resemble any of the Indo-European languages I have studied. I think if it were descended from Phrygian the Indo-European features would be a lot more obvious.
I did read the wikipedia entry and did come to basically the same conclusions as you did.
I don’t like this Indo-European theory either. I like the hypothesis that Burushaski is Dene-Caucasian (of which Athabaskan is a part), much better.
Here’s some random info on the language:
http://www.few.vu.nl/~dick/Summaries/Languages/Burushaski.pdf