bjlong is right, the twin discussions going on here would probably benefit from separate threads. Since this thread was originally for the word system of activating magic, pooling, concentrating and storing magic should probably have a new one.
As to words:
The whole "wizards forget their spells, and need books to keep track of them" thing never sat well with me. If your every spell is a complex ritual that requires several minutes of work, you're going to want your notes in front of you, to keep them strait but if your spells that are literally, simple statements in a language you speak, you're not going to forget them, under normal circumstances.
Word magic isn't really suited to the traditional research wizard, who sits in a tower and experiments, filling hundreds of tomes with notes and diagrams of dubious meaning and value. You either have the exact word, or you don't and there's no way to learn it, save hearing it from someone else use it.
This affords us tremendous control over what magic is available in the world, and to who, but limits the ability for magical knowledge to grow in a vacuum.
There are tweaks that could be made to mitigate these factors, but on the basic level, that is the shape of the situation.
You could justify people gaining new words through research or meditation (not that I think this would necessarily be wise), but once they have the single word, the research that led up to that single product is largely devalued. Why keep a library of old research notes, when you only need one dictionary?
Simplicity the the elegance of word magic; say it and it is done. --but that same simplicity is it's greatest weakness; without something spooky or unpredictable under the hood, it isn't very mysterious.