Replace most magic items with limited types of intrinsic powers.
For example, a high level character would be able to Fly instead of having a ring of flying, would be able to haste himself for a bit instead of having boots of speed, would have super powered "Ki" fists instead of +3 flaming weapons.
Some kind of monk-cleric-sorcerer thing would probably work best as classes. Monk for the unarmed fighting, Cleric for the mass of buffing spells so they take forever and a half to power up, and sorcerer so they can buy magical attacks as abilities (or take lots of levels and get them normally).