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
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
- 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.