[Endoperez]

Alchemist, Anathemant Dragon, Hangadrott and Navigator have special abilities that are not counted in: alchemy bonus, fire immunity and heat, glamour, and sailing. And as Pan, Niefel Jarl, Carpicorn and Hangadrott are all physically powerful and undercosted, it seems this new formula doesn't take physical stats into account to the same extent than Illwinter does.
Also, is seems that priestly magic should rise exponentially (or at least in a rising curve, if that makes sense) so that Holy 4 is much better than twice Holy 2.

For the cheap ones, it seems part of the problem is that capital-onlyness does not reduce the price. Circle Master is the most cost-effective mage in the game before your modifications, so that might not be as bad as it looks.

Also, quite a many of them have priestly magic. I think 13 of these 20 units have priestly magic. Asmeg Jarl might have some, but Troll King, Circle Master, Pan, Navigator, Capricorn and Alchemist do not. Others do have atleast some, IIRC. You might want to check out holy magic again.