My argument is that variable-length cooldowns DOESN'T work.
I don't think so. Capping the maximum cooldown reduction based on the power of the skill, like it is currently implemented, seems like a pretty good solution.
This way it becomes easier to get some basic knowledge in certain magic schools while also improving spells that don't care about damage (cure debuffs and the invisibility/mobility skills for scoundrels) as the player levels up.