I've been trying to incorporate both fatigue and sanity risk, and sanity risk becomes greater not only with the power of the spell, but with fatigue. I don't really care for "low magic" settings per se, I think very powerful magic should be available... if you have the knowledge and if you're willing to take the risk. Attempts at world-changing magic that fail should leave you either dead or mad, at best. What, you expect a dinosaur-killer if it works, but don't want any more than a slap on the wrist if you blow it? Sorry, that's not happening, not in my game, not if I can help it.
And yes, I'll play a magic user myself under those conditions. Sure. If I wouldn't, I haven't gotten it right yet. I think it would be more fun that way, as it is the fighters always take all the risks and have all the fun.