I'm not saying you couldn't do high magic and have it turn out well by any stretch. I just don't like the industrial scale mass manufacture ideas some gamers have. I mean, Harry Potter did high magic very well, but the minutia was well thought out. Spells that killed people, subverted their will, or were designed merely to cause pain and suffering were outlawed and taboo. As long a well thought out system was implemented that made sense it might be great to play.
Mass manufacture was already part of the late middle ages. Do you really think the people crafter only 1-2 armors a year? Weapons and armors were produced continuously in the industrial centers. So now a little bit of magic gets slapped on top of them.