I'm not a MoM vet but it sounds similar to the Age of Wonders system (both the main wizard and each hero could channel up to 10xChanneling per day). By the end of a map you might have 50 on your wizard and 20 or 30 per hero, plenty of points to cast around. You could still run out of mana globally too, so there was tactical and strategic cap. Anyway, that was a good system.
I didn't immediately want to write off the E:FE system just for being different. I get what some of you guys are saying about valuing the infinite options and not liking limits. Personally I like having some limits, in the sense that it gives interesting challenges to work around. Specifically an interesting thing that the Channeling system brought into play is that it added value to Summons and lasting Enchantment spells because you could cast them on an "off" day when there were no tactical battles. Also those "+ Channeling" traits on heroes were ones that you could really get excited about on level up.
For what its worth so many battles are 1 fireball for the win, so tactical channeling cap wouldn't come into play anyway.
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Also, Yes to doing anything with INT and DEX that we can wrap our heads around. I have no idea whether they're balanced with STR and CON now, it doesn't really seem like it. T ips that explain their effect on magic resistance, or dodge, or criticals quantitatively might help. Fun weapons or skills or spell channeling depending on them directly might be even better.