I guess what I want is that lower-magic old-school vibe without the killer dungeons, quirky subsystems, and having to rely so much on DM fiat.
And I say that as the guy who usually ends up as the DM. It'd be nice if I didn't feel like I was having to make up new rules every session.
So I have similar tastes to yours.
My primary games that I run are 5e (for the kids!) which is pretty much "base 5e."
5e for the olds, which is a streamlined and modified 5e that plays more "old school."
A heavily modified and streamlined AD&D.
A variety of rules-lite games (usually for one-shots).
The biggest complaint I have had about 5e is that it is "too magic," in the sense that every character has magic all the time- starting with attack cantrips. Magic is both ubiquitous, but also less
special that it was in the TSR days ... yes, you had fewer spells, and those spells might also kill you or fizzle out, but when they worked ....
And I've discussed some thoughts about it.
A poll about whether spellcasting is unbalanced in 5e (unsurprisingly finding that most people like it).
An explanation about why Magic Users in 1e were not all that.
And a proposal to adopt the Lankhmar rules to 5e!
There are two types of people in this world: 1. Those who think there is too much spellcasting in 5e. 2. Those who are wrong, and probably like elves, bards, and elven bard. 3. The innumerate. Given that I am not wrong, nor a lover of elves nor bards, I have often thought about how to reduce...
www.enworld.org
But here's the thing- most modern players... they like the spells. So this is what I would say:
1. Check with the table. Is this something the players want, or that you want?
2. Try playing B/X or an OSR clone. See how that goes, and if you really want to go back to low magic.
3. If you want to go back to low magic, see if you want to use an OSR system, modify 5e, or use a 3PP 5e variant. I can't personally comment on it, but I've heard people say that LoTR 5e (the Lord of the Rings TTRPG using the 5e system) is both familiar and also low magic, so that might hit the sweet spot for you.