This, as many other things, isn\'t implemented yet. AFAIK, you cannot even get to level 8 in the ways yet, but I may be wrong.
PS is in very early development, and the magic system is very limited right now.
As for the question: limit of the rank will apply to the ways, because there are no levels to spells since you don\'t
buy spells, you buy glyphs from which you
make spells by combining them.
This will then affect the spells you can use, because higher levels in a way gives (or rather,
will give) you access to more spells and combinations.
Currently there are only level 1 spells implemented, and only few. There will be combining glyphs, but that doesn\'t work yet.
I have heard that you might need level 10 in the ways you wish to combine, but that may or may not be true, and may or may not get changed.
There also are \"schools\" (despite the statement \"PS has six \"schools\" of magic, called \"ways\"\"), but neither are they usable ingame nor is there information on them outside the game, so they might be an idea that may or may not be dropped. I still think that the ways will be limited, as nothing stops you from gathering theoretical knowledge, as the schools seem to suggest.
However, level 8 will AFAICS represent a comparatively low level, so if you want to have really powerful spells, you should not select a Kran.
I think, though, that there will be some way to get around that limit in the end, though, but it\'ll surely cost dearly (like 20 times increased training costs, higher mana drain per \"unsupported\" spell, etc.).
Also, since the magic system doesn\'t do a lot ATM, it\'s not really that important. However, if you intend to keep that char and if we furthermore assume there won\'t ever be another wipe (which I doubt), then you shouldn\'t be influenced by the status of implementation because, whatever will come, Kran won\'t be top choice for mages.

Maybe pick a Xacha instead.