That would be too much work, imo. combining runes is too clunky and what I didn't like about both PFRPG and Warhammer's magic.
Runes in Viking Age has three applications:
fortune telling, where you (the player) know what three runes have been drawn, and can reference the meanings (unless you're a nerd and have memorized the symbolic meanings and don't need to reference it). A skill check is made to see if you read them "right," meaning, you know whether each rune is representing a positive or negative effect.
They're also used as a sort of "spell book," particularly for Magicians. I should have made this a point in the review, cuz it's interesting. Even after learning a spell, magicians (which replace both Sorcerers AND Wizards from the standard D&D game) must still make a reflex save to successfully burn the rune on their staff (they can only cast cantrips without holding the staff). If they fail the save three times, they're screwed, even if they learned the spell, and can't try again till next level.
The new magic system is actually very, very easy. You know a certain number of runes, just like a Wizard or a Sorcerer knows a certain number of spells. You can pick any rune at any time, they don't have to be prepared, much like sorcerers (you still have to have the rest like any other spellcaster, it's just a balance thing, and it makes sense anyway). There are no levels. Just 24 available runes. The strength and effect of the spell is based on the caster's class level. So even the rune you learned at first level will be as powerful as the one you learn at 20th level. The balancing factor is that you have much fewer runes you can cast per day than, say, a Cleric casts spells. Each rune also has a positive or negative effect. For example, Beorc is a fertility rune, and when you cast it, it can either speed healing or retard it severely.
It's pretty nifty. Not an entirely new system, but it's VERY new for D&D, especially in a published books, and in a balanced format. Finally, a real option. You could customize this for several spellcasters and have some real diversity.