Kensanata: Works for me
rycanada: Take 5 eh? If I tell my players that, they'll leave the table, grab a coke, go to the bathroom, etc.

Intersting idea. I /really/ need to work on an M20 magic system. Half of me likes it's rules-free nature, but the other part of me thinks that it's been zenified too much and there needs to be a few more rules to shore it up.
Pilsnerquest: My pleasure. We've played with the
4x5 magic system (itself shamelessly stolen from
FUDGE 4x5) and my players like it, a lot. It wouldn't work in a converted D&D adventure as it's just too different, but it works very well for a Name of the Rose/Ars Magica style setting. Hence the given targets DCs where it's harder to cast magic on stone than it is on leather or a person - the stone doesn't want to change
If I were going to depart from d20, I'd use the 4x5 system as the basis of the system, without a doubt.
EDIT: realized I didn't answer your question!
In 4x5 you can't create anything - there's no "create" action - but you could cast
Augeo Navitas (enhance energy) on an existing flame to burst a torch that a goblin is holding, say. The torch would be DC20. If it's succeeded by 5 (or less) points, that poor goblin holding it will take 1d8 damage. 5-10, he takes 2d8 damage and the any close goblins will take 1d8.
Succeed by 11-15 the the goblin holding the torch take 3d8, next closest 2d8, then 1d8 radiating out. Much goblin toast.
Under this system there's no equal to color spray and the like though perhaps
tempero navitas (control energy) could be used to create a similar effect to manipulate the light.
Does that help?