Examples from Evil Islands (someone of you can actually wisper to Tranny devs where they can find inspiration):
It is item-craft. Weapon consist from blueprint - that gray bone spear, materal may be different, like different kinds of bones where bones of green dragon is a better from all.
Quality of material determines the quality of the finished product - damage, defence and energy wich determine how many times you can cast spell from inner reserves of item.
Also it determine level of difficulty for item, which determine how strong will be a spell you can embed/insert in item.
Spell craft is different a little.
You also have blueprint (or basis or how it was translated) which you can use as basic spell, or you can enhance it with runes.
There are many of them
http://evilislands.narod.ru/magic_runes.htm
Rine adds difficulty for spell and increase stamina consumption for casting.
Runes R+ and R++ are Range of Action - how far your average fireball can fly.
Runes T+ and T++ are Additional Targets - your spell will affect additional 1 or 2 targets besides main.
Runes A+ and A++ are Area of Effect - doubled and tripled AoE for spell.
Runes E+ and E++ are Enchancement where you get doubled and tripled effect of your spell.
Runes L+ and L++ are Long Term Action for your spell, doubled and tripled.
Runes S- and S-- are Stamina Reserves - lessen stamina needed for cast.
And there are special runes.
Rune Sa allow to cast spell from item every time you hit with item or this item was hit.
Rune Ca allow to cast spell from item untill item's energy running out.
Also there are 4 runes + and ++ that allow item to regenerate energy faster or lessen consumption of it.
Also there are runes that define target of spell - spell with En acts only on enemies, same for Fr - on friends, Hu for human only, also goblins, orcs and lisards, also they are rarely used.
Let's see if spell craft in Tyranny will be more rich than in Evil Islands.