I use the system as written, though I allow all players to put XP into the creation (as per a magic item in one of Monte Cook's Book of Eldritch Might tomes).
The biggest problem is that they can't create magic items and adventure at the same time, which lowers the fun scale. However, at higher levels they should have enough excess wealth to take it easy for long stretches of time and only go out when major turmoil hits the lands. And if major turmoil hits in the middle of making some very expensive item--they can play a henchman or lose the XP and GP. I wouldn't recommend doing this very often or you shall be skewered, but once in a great while it can be fun.