Absolutely. Martial Power Sources work in ME.
And what's all this talk of no cleric in ME? Elrond had legendary healing skills. Aragorn was able to heal as well. So some sort of granting of healing surges type thing is going on there.
Chances are you could tailor a class to mimic the abilities of all the heroes of ME. Just mix up a new power list. Gandalf often seemed to have a morale boosting effect on the party. And he certainly had an excellent History and Diplomacy skills. And while Gandalf and Saurumon and the like were demi-gods that is not to say that they might not have taught their skills other, lesser wizards. The Staff and Orb implements seem to fit in ME nicely. If I had to make a new class for "wizard" in ME I think I would call it "The Wise" as this phrase is used often.
Also it is difficult to say if Gandalfs power over fire was a true innate magical owner or spell OR the effect of wearing the Elven Ring of Fire. Since, as someone mentioned, much of ME's magic seems to be imbued in items.