My entire gaming experience boils down to completing campaigns, so I can't claim to be an experienced player, but it seems to me that investing in Light magic for Dwarves is unnecessary, as Runes and Light magic practically duplicate each other. Runes offer resurrection, dispel magic, and punishing strike, just like Light magic. What Dwarves lack is a unit that can effectively counter archers, which is why the Blindness spell was very useful. Of course, you can use the Fire Wall spell for priests against archers, but I think Blindness will be more useful because you can break out of the fire, but there might not be enough time for a second attack from the priests.
Bow down and hear our cry,
Our earthly rulers falter,
Our people drift and die,
The walls of gold entomb us,
The swords of scorn divide,
Take not thy thunder from us,
Take away our pride.
G.K. Chesterton: English Hymnal