Sounds fine to me. But you do need to understand that not all humans use materials and words, and not all elves cast magic the same way either. Take Weavers, for example, any race can be a Weaver, but they don't cast magic in the same way any other race.

Uh, that game, I have a -small- problem with it. Something you need to understand about Imbuing magic: It is very hard to learn. You'll be lucky if you can find someone who's spent the time to really learn it, and actually had the time too. Then it's going to be pretty expensive to have a spell placed on an item. You can't just go to every corner store and get a magic sword or something.

Meaning: This game would be VERY expensive. If the players had to play they'd probably go broke quickly, or not even join the team. And if there was a league, there'd have to be awful taxes or ticket prices, or someone who can work Imbuing magic well locked in a basement somewhere.