In most games I've seen, permanent magic items like the D&D "Amazing Ginsu, +1, +3 vs. Samurai" were few and far between. In Chaosium/AH RQ, one could sacrifice POW to enchant an item with a spell matrix, usually Common Magic. This would make a spell available, so the wielder would have to expend MP to use it; a Bladesharp 4 sword wouldn't imbalance the game; just imagine Narf the Dull trying to cast the spell round after round until he finally gets it right. "Is this thing on?"
Of course, in those versions of the game one could get one's POW back with POW improvement rolls. So, giving up 4 POW to enchant a sword doesn't ruin the character forever. The equivalent in MRQ2 would be to dedicate it to a pact, and you only get the POW back from that if you renounce the pact.
There were other schemes; for example, the Humakti Lottery Swords, where a group of people would dedicate their Gifts from Geases into a Sword, so that only the holder would benefit from the Gifts. They'd then choose the holder by fair duels, and the holder was on oath to fight fairly for the sword when challenged. He still had the sword during those duels. Also, the sword's power would lessen as dedicatees broke their oaths.
However, there were always trinkets and minor items that had been enchanted 'way back when, before Time itself,' and or that had become magical from heavy use. A family heirloom sword that is old enough to be dedicated to the family (+10% to Sword style for family members only) might be the most extreme of these. A whistle that improves the chance of recalling one's pet hawk would be more typical. In fact, in the Hero Wars/Heroquest games, a character could devote a keyword to mastery of a magic item; the benefits would be decided between the player and GM.
Heroquesting can give one a magic item, among other rewards. The God Learners know how to tweak that, at least for a few more years. Some shamans know how to create quirky magic items; look at Blueface in Griffin Mountain or in the latest S&P.
There are also 'high quality' items. Look at the rules in the Arms books. Or look at some of the items mentioned in the other books--swords with additional AP/HP, swords that do extra damage against one species or people born in one country, armor with extra AP or less encumberance.
Also, remember that Gloranthan metals are not like ours. Gold softly glows and doubles the effect of Light spells cast on them. Silver harms weres. Iron harms Uz and Aldryami. Aluminum does not penalize swimming, and Lead does not penalize Stealth. After all, except for Mostali-created Iron, metals come from the bones of dead gods. Of course they are magical. So are Dragonnewt Skins: those have the problem that the Dragonewt tends to come back looking for it, and he might bring friends.
Shamans and some Sorcerers also learn to make magical tools; medicine bags, ritual circles, and the like. Presumably, when an adept tries to improve his casting chance by taking extra time, he's actually in his tower, scribing symbols on the floor and devoting some MP to them. These tend to be one-shot techniques.
Just don't overload the players; their destinies should come from their actions, skills, and community support.