Tony Vargas
Legend
I don't really believe it would, no, but not any worse than many standard-issue D&D imbalances.Not sure it would balance out really.
Back in the day I tried things like square-of-level, to make casting high level spells prohibitive - casters were able to spam too many lower level spells.
Versatility is power, ultimately, and mana/spell-point systems are more versatile than anything the standard game has previously allowed. Just like prepping daily, then casting spontaneously is.