In a setting where arcane magic explicitly doesn't exist but psionic power does, you can use whatever mechanics you please—including reskinned Vancian magic, which works just fine. If both need to coexist, I personally prefer that the mechanics be distinct in some way—at least as distinct as 3rd edition's slot-based magic vs. point-based psionics. Drifting further away from that model (such as AD&D psionics, or letting 3e D&D magic exist alongside some version of d20 System Jedi powers) improves the "feel" but becomes considerably harder to balance…