I doubt it. ME isn't as low magic as is usually thought, there is actually a lot going on if you read carefully, esp magic items. But! Magic is usually pretty subtle, the only character throwing around flashy spells is Gandalf and he's a demi-god. And even then? One lightning bolt in the Hobbit. Some flamey pinecones (although the fire didn't go out and was spread unaturally.) A light-ray that drove off the Ring Wraiths (no small feat.)
All the other magic is either a matter of enchanted items (All the elven blades, the shorts swords from the barrow, the seven stones, the sillmarils, the horn given to Merry, the phail of Galadrial, the elven cloaks and rope, the mirror of Galadrial, the walking sticks Farramir gives the hobbits, the various dwarven toys and instruments, the black arrow of Bard, Anduril, etc) or song magic, or telepathy. (No wait, Gandalf also casts 'Hold Portal' although that doesn't really slow down the Balrog.)
4e's emphasis on flashy cinematic effects seens to be highly at odd with the feel of ME. Strangely enough the only spell casting class that really fits the bill in my mind is the Artificer, and even then you need to strip away some of his infusions (Wall spells) and the wands and staves.