There is currently no way to enchant detect life onto an item, but there is a spell you can cast that constantly drains magika while you are using it. There's always the chance a modder will add it in at some point.
Sort and simple answer is yes! My second character is based around this build. I am currently level 32 and I am quite enjoying it. I rarely use equilibrium as I rarely run out of magicka and when I do I have a loooot of potions from hoarding them around.
At the moment I am dual casting apprentice level destruction - and yes this more than enough to kill frost dragons. maybe it takes a few more hits but it staggers dragons (not Alduin) and I am waiting till my enchanting is 100 so I can make my destruction free and not waste anymore perks. I use rune spells and conjuration (fire, storm and dremora lord) regularly to give me a tactical advantage.
Early game I'd suggest having a follower but not really that necessary later on.
I used restoration perks to increase my magicka regen by 50% so I can use atronach stone.
i use arch mage's robe, morokai's mask and self enchanted amulet and ring for giving more magicka+magicka regen. So I suggest doing college of winterhold quests asap. Right now I have around 430 magicka and 410 health.
Hope this answers your question though I am a month late :p
Edit:
I will put up my character build here and edit it every so often if it helps:
- level: 35 (atronach stone)
- Enchanting - lvl 100 (and I always use grand souls for enchanting my
gear)
- Destruction - lvl 90
- conjuration ~ lvl 86
- alteration - lvl 33 (I am including this as this is the next skill I
will try to develop)
- gear: orcish armor (destruction+alteration), ebony helmet
(destruction+alteration), ring (destruction+conjuration), amulet
(destruction+conjuration), ebony gauntlets (magicka+something nice). So
this makes all my destruction cost 0 magicka.
I tested this at the last part of the main quest-line
from the point where you enter Skuldafn.
It works rather well, would work better with some (crowd) control spells eg. paralysis from alteration, or some illusion spells etc.
Best Answer
Including Dawnguard, Hearthfire and Dragonborn the following spells can only be found in the world in fixed* locations (see the links for location information):
* Conjure Seeker can be found anywhere in Apocrypha.
Minor point: Your example of Bound Dagger can only be bought therefor isn't a valid example.