I have been playing this combo in a homebrew campaign and i find it to be quite powerful. I took a katana as my weapon and it makes me the partys best damage dealer. In addition, i have the best initiative and AC, dispite not wearing armor due to kensai bonuses.
The spellcasting loss is not that big a deal, i still have enough spell slots to load up useful spells like shocking grasp, but I found it beter to focus on buff spells rather than blasts. One of the best spells I found myself using was monstrous physique 1, turning into a gargoyle. It gave me improved Str, armor, extra natural attacks, and flight.
My primary Damage output came from combining the bladebound and normal magus weapon enhancing arcanas. I was level 8, yet in combat my sword would easily become a +5 keen with just a swift action. The reduced arcana points hurt some, but you also have less things to spend it on due to kensai removing some arcanas.
All together, I had a lot of fun playing as as robe wearing death dealer. (in one combat i OHKO'd a T-rex using this guy...)
The only real issue is everyone else at the table making Bleach references when i attack.