[Endoperez]

At first glance, the only problem I see besides actually completing this would be the map size. Even in a game with 17 nations, the map would be huge. If you want to downplay the effect of magic, giving everyone lots of time to research, site-search and construct mage-recruitment centers doesn't sound like a good idea.

I don't think it's possible to randomize equipment.

Conquest of Elysium had several units who were able to cast spells but weren't mages, like Orcish War Drums which had a fear effect on lots of enemies. You could replace many spells with summons able to use similar abilities.

With clever use of terrain, you could probably make swamp/mountain/forest survival a great bonus for nations in familiar terrain. Just make sure to include plain and farmland and border-mountain provinces as well, so that Florida nation isn't limited to poor-income swamps.

What would you do with pretenders? If magic is less powerful, they should probably be combatants, but somewhere between thug and SC levels (depending on items). Making all powerful pretenders magic beings, inanimate, demons or undead would work, if you included spells for countering each, while less powerful ones would just have good stats but no inherent counter.

Magic weapons and armor can be modded, with certain limits. You can change the name and cost of "Faithful", and you can change the actual weapon's stats from those of a sword to those of a pike, and include new weapon effects, but you can't add or remove the ability to grant luck. You can change it into a helmet or armor, though, if you'd rather have helmet that gives luck. You can't add in new icons, but you probably have to get rid of several items so that shouldn't be a problem.