It's in the game! Huray!
I was starting to get worried. I believe I have 20 hours into the game, and still can't use the two spells I've obtained so far, but at least it's in here. My worries about Bloodborne are slowly being taken away the more I play. Seems magic takes up the off-hand slot, so you can wield a pistol and some form of magic and melee weapons all simultaneously. This will at least make character building interesting. It's a little shitty it only appears 20 hours in though (and I can't even use it yet). I believe I have a pace the average player will have, so it's sort of late? Even if it is a 50-hour game. But I guess on a subsequent playthrough it will take roughly a third of that time to get to the same point.