I've probably handed out too much magic to my players. It didn't break my game. I'd say you can make just about whatever changes you want to magic and magic distribution and it will work out fine.
I misunderstood what you meant. I thought you were advocating for the low magic that is seen in most of the adventures. Player's love magic items and I just don't understand why they were minimized in the grand scheme of 5E. Some players love roleplay, some love combat, some love exploration....I have never met one that didn't love getting new shiny magic items!