Thanks for all the help this far.
You are absolute correct in that this is a simple system. This is a game from the mid-80s (and it shows).
You have understood the basics correctly. You choose a profession (that might be modelled as a template). Each character starts with eight skills (five at skilled level and three at master level). Based on the chosen profession, you get a recommended skill list to choose from.
The professional templates -- based on how they look in the game -- are easy to convert.
The spell system is the same as the one in Runequest (called sorcery in BRP). It's far from a preferred system, but it does it job and I'm after that old school revamp (some changes are allowed).
As for the spell system, how would you create this spell system:
Every spell is its own skill.
Each spell has a set effect.
At the cost of more energy, you can increase the effect (damage, duration, and so on).
Raising the effect increases the difficulty (sort of like the AP penalty to skill rolls in the Hero System).