That's essentially the logic behind the original "vary the PP" options in RM2, don't have the RM2 books handy, but it's options 3.1 and 3.2 in RMC SL pages 26 and 27. . .it even notes that you shouldn't allow more PP to be used than the caster's level, unless you allow overcasting.
Somewhere in the Companions, thence into RMSS, the logic of those two options was absorbed into Spell Mastery, and somewhere in the spindle and fold, the limitation of increased power level = increased PP was lost.
Then again, those two spells also tied the idea of the casual level based multipliers, like 1 round per level duration, being tied to the PP also, as well as the RR level the spell was resisted against. . .which certainly made it harder for a 20th level mage to pop off 3rd level BAR spells for a measly 3 pp that resisted as a 20th level attack. . .
Some players might say those options full out turn casting into too much of a PP drain for high level casters, but the basic logic of power = PP does tend to act as a control on casters. . . .and rarely do people complain that in RM casters are just too weak next to those towering pure arms characters.
IIRC, there were also some issues with being able to toss off x5 hits Shock Bolts, due to those spells appearing so low level. . .