I get the idea of binding magic to weapons, but it really makes playing a magickian feel bad. I'd much prefer magic being something that you work towards. Tools could still have their own unique 'enchantments' that cause an affect specific for that tool. Axe - Splitting skulls (headshot damage), lumberjack ( more wood/faster wood), etc.
A radial wheel where I can select spells freely to use without having to pull out a specific weapon. or at the least a weapon designed for magic, that can hold much more spells.
It just doesn't feel magical to pull out a pickaxe and cast a fireball from it.
I had a similar thought though my version was to maybe allow us to bind some spells to clothing items lke gloves and have a radial wheel as you suggested. Either way i think that even with the current system of magic attached to tools, having a radial wheel that shows all spells in our inventory and then auto switch to that tool when the spell is selected would be highly preferable to having to switch tools constantly. This would also help in cases where i can only play the game at specific times and have trouble remembering all the spells and what they are equipped to, as it is i have to have a hand written note with me while i play.
Agreed with the commenter, we have lore reasons why magic works the way it works. I also know they intend to add more tools/weapons like wands so can hope those will hold more.
I don't think we'll ever use magic an sich, it'll also be via tools since that's what the gaslamp genre is about. Think instead of steampunk where victorian age goes robotics revolution it's victorian age goes magical revolution viaa tools/machines.
I'd suggest using knife or scythe for fireball btw
Interesting thought, although according to the game lore, humans are basically beginners at magick and are only capable of rudimentary enchantments unlike creatures like the Fae. I would like to see this though, but probably far down the line where humans understanding or in particularly you the MC have become something more than human.