It just doesn't seem like there's much difference, to be honest. You're just saying, "Make this high magic game be low magic," which seems out of scope to me. The situation as presented, despite the presence of a vile weapon, gets across pretty much all of the dramatic weight desired, and fills the exact same story function. Seriously, if you want this guy to say stuff before he dies, just have him do that. He falls, takes enough damage to kill him, but says something dramatic before death can claim him. Done. It's bending things a little, maybe, but not in a particularly problematic way.