This sounds like a system that many GMs would enjoy, but as a player, not so much. That's my honest reaction to most attempts to make the game more grounded and gritty. Coming back from OE days, it was incredibly frustrating to play a wizard for those first few levels. It seems like the game has been distancing itself from those days ever since.
It really does seem like there are a lot of GMs that would love to return to them, and if you can find players that are looking for that in a game, sounds great. I would definitely be sitting that campaign out having paid my dues as a low level OE/1E wizard back when I could game on a near daily basis.
I try not to yuck in other people's yums, so I'd suggest that if you would do something like this, you really need to take it into account in terms of everything that happens in the game. How many encounters will be typical for a session? How often will a wizard be able to cast spells in them? If you can keep that to the point where your players are having fun, I think you've got something. If they're waiting around for their few chances to do something, perhaps notsomuch.