Sounds like a great idea. Let's take it a step further!
Combine all buffs in the game into one buff! We can just call it 'buff' for simplicity sake.
Next we can get rid of those pesky discriminatory stats like magicka and stamina, just combine them to make things easier. We can call it 'attribute'. And while we're at it, why even have penetration, crit, crit damage, weapon power etc. Just combine them all and call it 'stat'.