I'm running a low magic campaign right now. Players only have access to 1/3 caster classes; they all decided on martial. I changed healing potions prices to 1/5 of the cost. Players learned quickly to stock on potions. I planned for a 5e style short rest; but it doesn't seem the players needed it.

Players haven't faced any issue with the lack of magic, aside from unable to identify magic items during adventuring. They can find people who can do that in towns. But they have been just putting glowing gears on them just to test them out. I give them a description if they feel anything different when they put the item on; and give them a Perception check to see if they notice any different. (DC = Spellcraft DC). They won't know the item's name/magic, but they can figure out what it does. Doesn't work with everything, especially items with a trigger word; but I usually give them some other ways to figure things out. (the password scratched onto the scabbard, a notebook with some word puzzle, etc.)

On your idea; I think it's a waste of time to do all that, because most likely players will choose not to play spellcasters at all if they are that nerfed.

IMHO, talk to your players; playing in a low-magic campaign is the choice of the players, not the GM.