Yeah, it would be fine if there were some low fantasy elements, like a druidic pole/stuff that gives you ability to heal like a shaman etc, even raising the dead would be fine if it was limited. But things that throw fire balls and spawn blobs or hovering monsters that cast lazer beams....
Oh, did i forgot those dwarf mages? I mean i was expecting dwarves to be more of a warrior-type race that are master blacksmiths/runesmiths, not wearing robes and pointy hats while casting spells using a big staff... Magic could fit well with elves.