The Alchemist of old, used formulae written down in books, hence the survival of supposed Alchemical rituals. Unfortunately for the game, most of these formulae were long and complicated, not a trait for use in adventuring. The idea of an on the fly caster is taken by the sorcerer, the Alchemist needs its own niche. I'm not certain what that niche is though, it is almost as if this class should be an NPC, the person making potions in the town. Otherwise it seems to a combination of a Mad scientist/Mad bomber/Jekyl and Hyde. The effects of the class can be duplicated by playing a wizard specializing in transmutative spells for the enhancements.