Magic and so on will be available, but the Orc won't care; I think there's an imbalance here. Orcs are good both in the early and late game, while Warlocks are weak in the late game.
So, Orcs also have their drawbacks.
I think Dungeon can also win in the late game; you can simply replace Chaos with Summoning or Darkness, or you can keep Chaos if you have Wrath of the Elements and a rune set.