Cool. Thanks, Phil. I've been going over it myself. On other forums, some people have suggested using the Sanity cost for CoC spells to represent spell costs. Through further reading it seems to me that the spells are priced on a 1, 2, 4, 8, 10, and 20 PP range. I'm not sure about the ability drain cost. Perhaps that could be re-worked into the spells as needing a focus, or special (and costly) materials, etc. etc.
While I agree that spells like Magic Missile or Tenser's Floating Disk might not make the cut, it's hard, IMO, to deny that other spells such as Ghoul Touch, Spider Climb, Change Self and Vampiric Touch are definitely worth mining. A while back, in an attempt to do a CoC fantasy campaign I created Sanity/Attribute costs for relevant D&D spells (that weren't already re-purposed into CoC). I think you'll find that a significant number of the spells in CoCd20 are an exact reprint of D&D spells with a new name stamped on top. This made it easier to price out other relevant D&D spells.
I'm looking into this as well. Based on all the "playing D&D with Conan rule thread" I had thought that others would've been farther along on this than I was. I was wrong. Apparently, this is new ground, not only in pricing out the relevant D&D spells but also in codifying how Conan spells are priced in the system. Maybe they really are flying by the seats of their pants...