It would make sense in many ways, but it would also carry the risk of straying very far away from how magic traditionally works in D&D, i.e. a large list of spells organized in levels.
IMO the traditional way of D&D of having self-contained spells with only some parameters scaling, and only in a few cases allowing multiple versions of the spell with different effects, portrays a fantasy setting where magic is still mysterious enough that wizards have to rely on specific spells found and learnt from books or other wizards. This is why a wizard knows "Transmute rock to mud" which is a very limited-scope spell in the sense that it does one specific thing and in one specific way only. As the wizard gets more powerful and experienced, she may get increased effects, but she's still bound to that "closed" definition of the spell because she's never truly going to understand why or how this thing works.
What you suggest might be a different type of character (or fantasy world) which can in fact understand magic at a lower scale, like understanding the underlying "physics" of transmutation of materials (or invisibility, or creating visual illusions, or teleportation, or producing/controlling flames, and so on...) and therefore being able to more or less create flexible effects with ad-hoc parameters.
That is a totally legitimate character concept, and a very possible assumption for your fantasy setting. It's just that it wouldn't work well IMHO for the spellcaster classes as we know them... but as a separate magic system used by other characters (replacing or co-existing with a traditional wizard, why not) it would be totally feasible. I think there were several examples of that during 3e in the Encyclopaedia Arcane series.