Possible System Overhaul?
Ars Magica has an interesting system for this very idea. It lends a strong medieval flavor to roleplaying in that game, and could do so for your's also.
There are 15 categories of magic, some of which are used to affect the others, and the rest of which are affected. The "level" of the spell is determined by how strong the character is in each art, but the levels get really high by the dice-system's very nature.
Adaptation would be fairly simple, because you could determine the power level of a given effect the same way, only toned down to D&D strengths.
From that point a great number of options are open to you. Make the arts themselves represent the power levels of the spells, but make the manipulation of those power sources a slowly-developing skill-check, so that the wizard, mage, or whatever would be able to outstrip the other classes. This is only one example, and I'm sure you could come up with others. Keep us posted, please, because this is something that I've been toying with for years with intermettent effort.