You can do this exactly like Shadowdark in 5E with no problem, probably capping out at no more than 15 spells known, potentially sticking to just 10. I think its a fun way to do casting and will be doing some more experiments with it, but this doesn't hurt or warp the game at all, though it does change the direction of the game by forcing players to more tightly curate options, and it really requires a DM who is willing to allow creative spell use, not "the spell does what it says it does" spell use.