Ok I haven't gotten too far but I wanted to post what I have before class to dicsuss.
My concept is to have the effects live in two separate spaces. Those within the "real world" and those that are created as a result of magic. Below is my styleboard and you all may notice a shift towards stylized effects with sharp/angular design. I wanted them to reflect the angular world of our film (i.e. OBEN), but the magic effects would be more like a firework bursting with colors and complexity (ie Kung Fu Panda). Potentially some poofs with soft rounded edges while dirt clouds or car exhaust has squared shapes without blur. This will evolve as we develop the style of our film but it's a start.
*Update*
Just found this and it has not only awesome effects animation, but some great little star bursts that are very simple and almost like a flare with liitle water droplets shooting outewards. I will explore this for sure.