Crafting in its current version is useless. What is the point of crafting an amulet with a bonus when you already have amulets with 2 or 3 bonusses ?
Crafting should allow to replace or add a bonus to any piece of equipment. The crafting level could fix the limit to the number of bonusses on a single item.
It should allow to salvage bonusses from items ( destroying the item ). The crafting level could fix the chance % to salvage a bonus.
Crafting base ingredient + pixie dust -> rune
Salvaging item -> rune(s)
Item + rune -> magic item
Item + rune -> better magic item