So, I'm playing a level one character and my bar is quite too low to cast any high level spells.

Anyone know of any items that reduce 20%+ magic cost reduction that can be obtained at any level?

Also, any other great armors/weapons available for a level 1 is greatly appreciated.

Level 1? Ehh.. You shouldn't even need it.
That, and magic effects on armor are randomized. I don't know of any instance they aren't other than quest rewards and artifacts.
Either way, you will be far past 1.

Forgot to tell you, I'm not going to my skills tab, Ever.

In other words, I will always be a level 1.

That's why I asked for those equipment.

Ehehe... Leveling doesn't work like Oblivion. Even if you never go to the tab, you WILL still level up. As far as the world is concerned.
You're pointlessly gimping yourself.

No, you will level up, you just won't get any of the benefits of it.

yep as said, you level up and the world will acknowledge it. All you will be doing is ignoring your perks and allocation of bonuses to m/h/s

Actually I am doing the exact same thing as we are speaking - trying to beat Master without levelling up. You can get the Archmages Robes and Savos Aren's Amulet. Both are very likely the best non crafting Items in terms of raising maximum magica and reducing spell costs. Not sure though about crafting. Generally speaking "fortified" gear is stronger than items that just raise magica. Not sure though if anything will beat the regenaration of Morokei though.

However this means finishing the College of Winterhold questline and defeating Morokei which is incredibly tough. Took me 3 hours in real time since at this point I could not conjure a Draemora Lord and any other Atronarch was turned against me by him. Best bet would be using a conjured bow at a position where he can't hit you.

In general mana costs decrease as your skill level increases - even w/o perks.

And hire Marcurio. From all my testing even when hiring him on Level 1 he seems to have an incredible health pool and he will dish out severe damage.

That is not correct (as you can easily see on the loading screen saying "Level 1") all the time. If I was leveling up, merchants would sell better gear. Just testet - my level 1 char would be level 37 if I would level up and if I do so the Merchants' gear improves. If you don't go into the skills-screen you do in fact stay Level 1 for all game-balance purposes. Unfortunately including that you can't do quests with a minimum Level requirement.

http://www.uesp.net/wiki/Skyrim:Artifacts

Should be able to find something there. Good luck with the dragon priests Hehe.

You do understand at lvl 1 you won't be able to beat some things..like spriggans and many dwemer will 1 shot you

Join the College in Winterholm and after a small guided tour and a chat with the acting head, you get to meet your First Wizard instructor...he gets you to meet him at a dig site to help with cataloguing artifacts.

You leave the college about 3 hours after being told about the field trip and when you get there he allocates you to a wizard doing research in there...
The wizard gets you to look for 4 artifacts however you get sidetracked and pull something off a glowing door but you get trapped behind some steel bars
Put the amulet on and then shoot a fire destruction spell at the door and it opens the way for a nice dungeon. At the very end the boss near the big globe has a lovely staff you can use
Loot everything along the way.

My mage is going the college guild route and he is very well equipped for his level.

While this might be true you can still kill them. Even Dragon Priests, Dragons and Giants. The two most important things you need are the "Become Ethereal" Shout and the ability to Conjure a Draemora Lord imho. From that point it's basically a lot of "run and hide when danger is ahead" and let your Follower and the (Draemora) Lord do the rest. Main Quest line actually is somewhat of the "smaller problem". The really tough fights are those not levelled with the player (i.e. Dragon Priests etc.) - at least on Master Difficulty. But so far I killed four of them with a Level 1 Char on Master Difficulty without Cheats, Exploits or Addons.

If something comes to mind where you think it's impossible to do as Level 1 Char on Master (other than Level restricted Quests) let me know - I'd be happy to try it.

Thank you for all your replies, though after reading all the comments, I find myself doubting the fact that if this is worth it.

But, if anyone else has knowledge of armor that reduce magic cost 20%+ that are not generic, they'd be greatly appreciated

There is no armor reducing Magic costs by 20%. If you're not playing on Level 1 you could craft Pieces granting you 100% in total for up to 2 schools. Other than that: Take a look in the Artefact Link, postet above. Best overall Magica cost reduction would be the Archmages Robes, best school reductions from Dragon Priest Masks. Otherwise the highest cost reduction from random Gear on Level 1 would be 12%. I've tried maximizing Enchanting and Alchemy w/o Perks but can't craft better items without exploiting.