I'm not a fan of complete blind research. Its not intuitive and its not all that natural, and generally makes for disappointing sessions when you get a string of bad luck with your dice. Yes some discoveries have been made on accident, but its hardly the rule of scientific advancement. As Tamren said:
If your a chemist trying to make fizzy soda, its *possible* that you discover gunpowder in the process. But more likely you will learn to make fizzy drinks.
What could be interesting would be 2 types of research, experimental and advanced research. Advanced research, is simply the advancement and improvement of already existing knowledge, basicly if you have fireball lvl 1, you can research fire ball lvl 2. Experimental research would then be discovering new spells altogether simply by trying new techniques and ideas.
Experimental research wouldnt be completely random though. If you had your fireball spell for instance, it could serve as a knowledge base for a firewall spell. But if you had no knowledge of a certain area of magic, it would be mostly blind when you research your first spell in that area. Even then, spells could be cross connected even amoungst different elements. For instance, a firewall spell could lead naturally into a wind wall spell.
Its all a matter of how elaborate the connections are. Now, I'm assuming EWoM will have your standard, click and research method most games have, where you pick your way across the tech tree. And will have an option at game creation for blind research. I'm not saying they wouldn't want to make a more elaborate system, but chances are, the budget and time constraints will require them to focus their resources else where.