Obviously the gifts make a difference here - and multiple magic augments aren't necessary with an iron sword - nor is there need for gifts etc. It's just there - ready independent of circumstances. You can see that the iron greatsword is, at +23, as good as your characters magically boosted weapon. Personally, I would want your character to have a significant advantage - it's far more interesting. :-)
I was thinking that instead of giving double bonuses for iron that iron weapons should nullify bonuses given for bronze armour and iron armour should nullify bonuses for bronze weapons. That avoids the huge bonuses but still provides iron enhanced characters with an advantage. I'd also allow enchanted iron armour to provide its armour bonus against magic and enchanted iron weapons a bonus to knocking down magical defences but not otherwise affect magic.
That makes iron more like the Gloranthan iron I remember....
Stephen
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