A few things before the crunchy bits to put my optional rule in perspective.
1. I've never liked spellcasters or anyone else having to spend XP to make items.
2. I've never liked how spellcasters have to use feats to make magic items, which are essentially wasted feats since they can't be used while adventuring.
3. Fantasy books don't always have spellcasters making magic items (Bruenor made Aegis Fang, and he wasn't a spellcaster). Plus I've always wanted a way for PCs and others to be self-sufficient if they want and make their own items.
On to my optional rules:
You do not need magic item creation feats or spellcasting ability to create magic items. The requirements for creating a magic item change to the following:
 Caster level requirements are met by having an equal number of HD.
 The cost to create a magic item is 70% of the item’s base cost in gold pieces (equal to ½ of the item’s value plus the 4% experience point requirement using the rule of 1 xp = 5 gp). No experience points are spent.
 Spells are required as normal, but if you don’t know the spells required you may substitute creature components. A creature’s components are usable as a spell requirement if they meet the following criteria:
 The creature has the spell required as a spell-like ability.
 The creature has abilities related to the spell required at the DM’s discretion. In this case, the CR of the creature required must be equal to or greater than the spell’s level.
 A creature can only be harvested for a single spell requirement for the creation of a single magic item.
 Properly harvesting a creature’s components for a spell requirement requires a survival check DC 10 + creature’s CR.
Example: PC #1, a 10th level fighter, recently killed a wyrmling red dragon. He succeeded at the survival check to harvest its components of DC 14 (10 + CR 4). He wants to use those components to create a +2 flaming longsword. He needs to meet the following requirements:
 5th level caster (craft magic arms & armor feat prerequisite).
 6th level caster (3 x weapon’s enhancement bonus crafting prerequisite).
 10th level caster (flaming weapon property prerequisite).
 12,600 gp (70% of standard purchase price for a +3 weapon, market price 18,000 gp).
 Masterwork longsword.
 The spell flame blade, flame strike, or fireball, or an equivalent component from a CR 2 creature (flame blade is a 2nd level druid spell). Since red dragons have the fire subtype, breathe fire, and are CR 4 (meeting the requirement of a CR 2 creature), the DM allows its components to be used.