FrogReaver
The most respectful and polite poster ever
On a highly conceptual basis you could design a game that way. 4e is proof. You wouldn't even have to do it as symmetric as 4e did. Basically you are trying to reduce resource efficiency by making sure the wizard player cannot place the resources exactly where they are most effective all the time. It's a decent strategy. However....Or you give classes more shortrest/encounter power and less longrest/daily power.
1. Short rest spell recharge becomes problematic for many spells - healing spells being the most apparent. Any buff spell that lasts longer than an hour (darkvision is a low level example). Then there's the conjuration type spells.
2a. There's not a good method for turning spell slots into a short rest recharge.
2b. You could do spell points but low level spells can be highly efficient and spell points can net you a ton of those.
3. Short rest recovery for out of combat spells essentially makes them free most of the time.
4. You've not eliminated the 5MWD - you've just moved the problem to the short rest space. Consider that a 5e wizard by mid level (say level 7) will typically go through 2-3 deadly++ combats just fine with a single short rest for arcane recovery. If you lower the slots all you've likely done is incentivized him to short rest after every encounter. Now, that does help the other short rest based classes a little, but at this point the wizard is probably getting more spell uses in the day while needing to conserve less.
End result - the proposed change would probably make the problem worse in practice and not better.