Yep - I was doing more damage to Melissa with my swords of prosperity, over time, than I was doing with spells, with my 120 mage (with GM tactics, and enough chiv to cast EoO), so I just saved my mana for EVs (and often cast the EVs to keep the balrons people kept attracting over from joining us). I also use a mage weapon bow, jewelry to offset the skill penalty, and lots of Earth eles, at peerless, and use my magery to help heal the tamers' tanking pets.
I never could get looting rights at peerless using spells and summons - EVER. I do get them every time using the bow and summons.