Try using magic with carapace armour. You'll change your mind quickly.

The 100% eitr regen is absolutely necessary for a magic build. You could take 80% extra regen and equip a carapace helmet for extra protection. But really, the bubble created by the staff of protection should be around you at all times in the ML as a mage.

It's perfectly balanced. If you go melee don't use the mage gear. I personally like the mage build most in a multiplayer context, it really makes the team stronger than the sum of the parts. But solo I prefer carapace.