Would only really work if there was a d100 table for surprise mishaps. And obviously Vancian materials requirements and memorization is replaced by haggling for caster shells and hoping for good rolls. Kills the magic user as a class, and takes away the toolbox of utility spells. I guess in a technological setting you would use gadgets for that kind of stuff.
Does fit really well in a the right kind of dying earth setting. A techno fantasy one where an actual caster is impossible, but distilling mana into charged shells is something plausible. But Dark Sun style where every spell you shoot kills the rainforest.
A hybrid of the diesel powered space travel of Lensman, the hyper polluted earth of Bladerunner, and a generous helping of late 80's shoulder pads. Would be cool.
Maybe someday the rest of the Outlaw Star manga will get translated too.