This is not D%D do not suggest Daily limits or reagents on magic. as much as I like D&D that is not the way to do things. cool downs are fine just not a daily limit.
The way to fix some issues is of course to balance the damage a bit but to also add features to weapon based combat. Now I haven't played much of the game and what I have played was mostly mage since at this point I am not going to get into hybridization. But having weapons do non elemental conditions should be the advantage. bleed, poison, cripple, vulnerability. and have moves that synergise with them. say you have an attack that bleeds and then you have an attack that causes vulnerability/weakness (attacks do 50% extra damage) and then finish off with an attack that does 50% extra damage to bleeding targets.
Also weapons should have higher crit chances.