I love it! Great concept for the spellcasting, and the art and music felt very retro. Being able to pin spells was so clutch, thank you, thank you, thank you. Also great use of the spells themselves, to get past environment roadblocks and whatnot.
Two minor suggestions: Maybe this is just me, but I'd prefer holding L ctrl/R bumper as opposed to a toggle. For some reason it really messed with my brain! The option to pick which mode to use would be great.
And, a button to clear the notes out would be good. I wasn't totally sure but it seemed like if you messed up a spell at the start, you either had to wait for the notes to clear or finish typing some garbage so you could start over.
I did find a bug where my pinned spells would stop showing up on the HUD when I transitioned to a new area, even though they'd still be marked as pinned when I went to the menu.