Clint Black (Pinnacle Games forum admin and rules guru) posted an improvised magic system for SW a while back:
Improvised Magic Rules for Savage Worlds
By Clint Black
These rules were designed to simulate Arcane abilities where the user is only limited by their power and creativity. They could also function for characters whose powers are limited only by a theme or trappings or simply as a basis for creating new Powers.
All Powers start with a Primary Effect with a base Power Point cost. From there the cost can be increased or decreased based of choices of Modifications, Range, Duration, and Casting Time. Reductions in PP cost can never decrease the cost of a Power to less than 1 PP. Unless otherwise stated, the base Duration for all Powers is Instant, the base Range is Touch, and the base Casting Time is 1 Action.
Primary Effect: (OPP: Opposed Roll applies if target wishes) (Base cost: 1PP)
3d6 Damage: OPP for any Duration beyond Instant
Increase or decrease a single Trait one die type (two with a raise): OPP
Decrease a Derived Stat by 2 (Shaken with a Raise): OPP
Increase a Derived Stat by 2 (Target gains a related Edge with a Raise). Replace Edge with Monstrous Ability (+1 PP)
Summon a character or creature with 3 points in Attributes and 8 points for Skills
Negate one Wound or Fatigue Level applied within the last hour (two with a Raise)
-This Effect starts with a Duration of 3 (1/rnd). For +2 PP, the Duration is Permanent.
Negate or impose a –4 Situational modifier (-6 with a Raise) for a target or against a target (+1PP): OPP
-This Effect can have a multitude of functions. Examples: Negating a modifier for a target (Darkvision that negates Lighting penalties). Imposing a modifier for a target (Blindness that causes Lighting penalties). Negating a modifier against a target (Glittering dust that counters a target’s Invisibility). Imposing a modifier against a target (Basic invisibility).
Reduce damage to 2d6 Damage (-1)
Uses Small Burst Template (+1)
Uses Medium Burst Template (+2)
Uses Large Burst Template (+4)
Caster chooses who in Template is affected (+1)
Per each +2 points to increase a summoned creatures Attributes (+1)
Per each +4 points to increase a summoned creatures Skills (+1)
Per 2 net Monstrous Abilities or Edges of summoned creature (+1)
Per Weakness or 2 points of Hindrances of summoned creature (-1)
Negate Wounds or Fatigue over an hour old (x3)
Negate non-permanent Crippling Injury (x6)
Multiply Power (+1)
-Allows one Power to be activated multiple times in one action. The character pays the base cost for each use. He rolls one Power Skill die for each activation separately, but only gets one Wild Die on the roll.
3 rounds (1/round) (+1)
1 minute (1/minute) (+2)
1 hour (1/hour) (+3)
Smarts (Damage Powers have a Medium Range of 2x Smarts and a Long Range of 4x Smarts) (+1)
2x Smarts (Damage Powers have a Medium Range of 4x Smarts and a Long Range of 8x Smarts) (+2)
Line of Sight (Damage Powers suffer no penalties to hit for Range) (+3)
Full Action (No other actions at all, including Free Actions or movement) (-1)
1 minute (-2)
1 hour (-4)
All that stuff is obviously copyright Cliff Black, etc. but I reproduce it here for discussion. Something along these lines might be suitable for the Ritual Magic that Russell wanted to have in his (ex)D&D setting.