I'm of the opinion that magic was gutted to preserve the relevancy of Shouts. I don't see any other reason. There is no technical reason from a programming standpoint that I can discern. All the effects are already in the code and the interface for it already exists in Enchanting. The real reason magic was gutted is Shouts. If Magic had been preserved in Skyrim, offering approximately the same spell effects as Oblivion and including Spellmaking, then Shouts would be pointless and if Shouts were pointless the whole plot of being Dovahkiin would be trivial. This is why Mages have been nerfed in multiple ways, from the loss of spellmaking and the amount of effects to increasing inaccuracy in aiming by implementing a casting delay or not letting spells scale with you [even though weapons do]. In every way, magic feels like it is designed to discourage the use of magic for the sake of attempting to preserve the relevancy of Shouts as a gameplay mechanic and central plot point. This is what the situation appears to be in my eyes.
So, if you were given the opportunity to trade in those Shouts for more spell effects and spellmaking like there was in Oblivion or Morrowind... would you keep your shouts like a good Dovahkiin or are you on your way to the mill to get the wood for an alter?
The sad thing is shouts are completely pointless. I use one shout in the game: whirlwind sprint. And that is just so that I can move around town more quickly. The rest are simply fluff.
The frost/fire breath ones do a pitiful amount of damage, throw voice is buggy at best, and worthless at worst when you know how to sneak, become aethereal could be useful for closing on mages if getting 80% magic resist wasn't already trivial, dragonrend is nice if you don't have a bow, oh wait, except THAT won't happen because you can't play the game without a bow. What else...force shout can be fun to knock someone off a cliff, so I'll give that one amusemant points at least. kyne's peace? Sure, because I've worried about bear attacks since I was level 2... Animal companions? No thanks, my follower gets in my way enough as it is.
Shouts really add nothing at all of value to the game, so to answer your question: yes, I would without a second thought trade them for a spell crafting system.