Only if you want to build a system that's puposefully broken (I'm not convinced it's not their intention, though). It's the old quadratic wizard again, just slightly worse. Gain more spells, new spells are more powerful, old spells are even more powerful.
Having a system that actively encourages metagaming is one of the closest things to terrible you can have in game design.
I had to check what made metagaming so bad! I agree that the ability to memorise the MM to play a wizard properly.
It is however hard to separate this sort of player & character knowledge, hmm. What do you do if you know all of the vulnerabilities of a monster your level 1 pc has never even heard of? In the olden days when players played as players that would be just another part of player skill, though I guess its why there were so many dumb trap monsters in ADD.