Largely using mythological heroes as your basis for a 'mythic' flavor you want to emulate specifically is deeply flawed.
The reason Odysseus survived his epic quest? DM fiat. Same reason he went on it.
The reason Achilles stayed in Troy? DM fiat. Same reason he went there in the first place.
The reason Frodo could chuck the ring into Mount Doom without getting spotted? DM fiat.
Can you capture the *feel* of Odysseus in D&D's RAW? Absolutely. Your items are bronze. The adventures you went on helped you uncover the items you need because of the Gods' intervention. You are heroic in statistics, in level, and in power. True, it depends upon your items, but so what? If you never take off your +2 codpiece, then no one needs to know that's what's giving you +2 to your saving throws vs. 'shots to teh junk.' Introduce sailing adventuers, and a bunch of 1st level mooks to compare yourself with, and perhaps a vengeful deity, and you're golden.
Can you capture Odysseus himself? Pheh. This is a game, not poetry, I don't want my character's life to hinge on weather the DM decides arbitrarily that Possiedon is having a bad day or not. It might make for an interesting epic poem, but it is crap for a D&D game.
I think my own house rules that keep the high-magic feel, but add low-loot to the pile work especially well for mythological-style battles, because even those who weren't the spawn of gods were their favored. Gilgamesh had Inana, Odysseus had Athena, Achilles had Thetis and Zeus, Heracles had Zeus, Paris had Aphrodite....my rules allow them to gain a bit of loot, and still have powers that depend on the gods that take an interest in them...Gilgamesh would've had the powers of a Belt of Giant Strength even if he didn't wear the belt.
In addition, I think those who see magic as horribly logic-destroying in D&D have either had crappy DM's, or have had a nigh-impossible level of metropolises in their campaign. Heck, even then, the maximum GP you can buy in magic shops is 3,000. You can keep the DMG-recommended level of magic, but make it more useful...look at Eberron: the low-level magic in this campaign is readily available, but that doesn't ruin the scary and intimidating feel of high-level magic at all. The reason is because most people are NPC classes, most people are low level, and only a select few (the PC's, and a few powerful NPC's) have class levels above 10 at all. And Eberron in no way limits the power of magic in it's setting...it just uses the setting to keep everyday magic common, but weak. Read the rules, see how others are doing it, and then maybe your complaints about too much magic will at least be informed with what is actually suggested, rather than the inflated boogeyman of everyone getting cheap +5 swords.
