This could be a cool system. It would allow DMs to craft their own unique magic items and/or let the players do so.
However, this honestly sounds like an incredible amount of work to implement, especially since the DM mode is looking unlikely. So such a system would only be relevant during the main game playthrough. Personally I think it would be much better if Larian had a set amount of craftable things (similar to what is already in EA with the tree bark) rather than trying to create a free-form system where players can create any magical item/spell they can think of.
