I'm going to use a little twist. Many who have been around awhile have or have seen posts about creating a bag to hold caster spell components.
In the past the issue has been using materials that are in a bag.
So why not create an item that fits in the Quiver slot, that when present counts as having all the Mundane Spell components. More Expensive components would still be needed.
This will allow Turbine to adjust existing spells that should have more expensive spell components but have been lumped in with the Mundane, It will not need to "take" components out of the bag.
These could even be add to end rewards or vendors and even setup with ML
Such as ML1 bag acts as having Level 1 spell components
ML3 bag acts as having Levels 1 & 2
ML5 bag acts as having Levels 1 thru 3
etc.