No, I think that ingredients should stay at \'alchemy\'.
I mean a wizard gets better the more experience he gets. The better you magiclvl is, the better your spells will get. This would then be seen in damage, range, duration, and so on.
Your magic meter and your stamina should fall when you cast a spell, but it will always regenerate. If you are interested in weapons with limited ammo you should become a \'ranger\' or something. You should be able to add poison and other \"add-ons\" to your arrows, darts, bolts.