I always thought M:tG would work as a RPG setting, but not for D&D. As noted, some of the magical effects in it are beyond Epic in a D&D sense.
It MIGHT have been workable in something like WotC's Everway game, or as a true RPG based on The Primal Order capsystem they came up with a few years ago.
(While Everway wasn't any more überpowered than D&D, its overall fantasy underpinnings more closely resembled the world presented in THAT game than Core D&D.)
If you want to run such a game, though, the idea of running it as a supers game has some merit, especially if you use a very flexible system like HERO or M&M.
I bet you could run it pretty easily in RIFTS...though you'd want to HR the heck out of the game's mechanics, and you'd have to pare down most of the techno stuff.
Though I don't own the game, from what I understand, you could probably run a "Dominaria" campaign in something like Exalted as well.