Is the regen rate supposed to be set at ten or is it an oversight? or perhaps a bug?

cause I would love that enchantment if it worked properly and scaled right. It still wouldn't give as much as a decrease in magicka cost or increase in magicka regen as the respective lone enchantment, nor would it come close to reaching what robes can give you but it would still make for a really awesome enchantment

Personaly i prefer magicka regen over reduce costs. Far more usefull for a full mage who uses different schools, of course it could be helpfull for a warrior with little magicka to reduce cost if he/she only uses one school.
Depends on your toon.

Yea I prefer Magicka Regen too, and thats why Id love this enchantment so much if it worked right.

I'm sure it is a bug or at least unintended. You can only set magnitude for a primary enchantment effect, the secondary one can't be changed.

I too feel that magicka regen is much better for true mages. Cost reduction is only good for hybrids, or spell spammy destruction mages.

What I usually do is use the reduction cost and magicka regen AND magicka regen on my armor. You can put regular magicka cost reduction on the other bits.