For setting up a new Spring Covenant, this is certainly better and more balanced than the BP system in [Cov] 
I can see myself adopting if I ever decide to boot a saga that way again, so thanks a lot for posting. Gifts to the new covenant might make more sense than gifts to the individual magus, though. In Rhine this is institutionalised. Elsewhere it may depend more on the purpose of the new covenant.
If the typical magus joins an established covenant, this is very generous as personal gifts. Especially the option to get a 35BP book as a special gift, those are supposed to be political tools [Cov]. A possible spin could of course be dowries paid the covenant taking on the young magus. Then it feels less excessive, but I fear the game consequences in a saga with a rapid turnover of players, with new magi repeatedly entering with fresh dowries ...