Has anyone here run a treasure light game? How have you handled some of the costs in game for such things as mage spell research/lab activity? I have a campaign I'm working on and it won't have the normal amounts of treasure. So have you offset costs in anyway?
What activities do you want to restrict by lowering the amount of treasure? If you want the PCs to be able to buy less stuff but not be restricted in magic research simply make the research cheaper by the same multiplier you use to lessen the amount of treasure. Of course, if magic item production is cheaper too you will change the economy a bit.
If you want the PCs to not level slower award more XP for each GP looted or give them another source of XP.
It's going to be a low magic game so there's not too much I want to alter I'm just trying to come with some way of keeping the rules intact but without having to flood the economy with a large influx of treasure. I maybe over thinking it though....
It is very unlikely that the amount of treasure that your adventurers find will "flood the economy". See this thread - http://www.autarch.co/forums/general-discussion/alexander-greats-loot. The amount of treasure that an adventurer brings into an economy is dwarfed by the amount of treasure that a conquering army brings into an economy.