For simplicty, The spells and psionics can be used from Palladium's with very little modification. One modification is that ISP(Inner strength points), the power that pushes psionic energy and PPE(Potential Psichic Energy), the power used to power spells are now combined into Aura. Your aura strength is now what will run these. Every Psionic ability and Magic spell will be it's own skill and will need to be purchased accordingly. Only characters with backgrounds in magic will will be allowed to 'cast' spells. Only characters with Active Psionics will be allowed to 'use' Psychic Powers. Both of these abilities are differant disciplins. Being that they are disciplins means that you will have much less points to gain levels in other skills.
Gaining magic or psionics as well as any other power will have an average cost of about a third of your character points for each type. The exact amount will vary depending on the power you want But it comes in close to there.